# Innovusion

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/innovusion

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Sunnyvale, US
- Website: www.innovusion.com
- Total disclosed funding: $278M
- Latest round: Series C (Jan 1, 2022)
- Investors on record: 10

## About

Innovusion, Inc. is a technology company specializing in advanced lidar solutions that enhance perception for autonomous vehicles and other applications, delivering high-performance sensor products for improved navigation safety.Founded in 2016 by Junwei Bao and Yimin Li, Innovusion operates from Sunnyvale, US. The company focuses on advanced lidar technology, providing exceptional 3D sensing capabilities for the autonomous vehicle sector. In January 2022, Innovusion raised USD 118 mn in Series C funding led by Hermitage Capital Group, marking a significant milestone in their growth strategy. The company has been involved in a total of 5 deals.Innovusion specializes in advanced lidar technology, providing high-performance sensor solutions that enable enhanced perception for various applications, predominantly in the autonomous vehicle sector. Their flagship product, the Innovusion Cortex, delivers exceptional 3D sensing capabilities with a range of up to 300 meters, ensuring precise object detection and classification. This technology addresses the challenges of safe navigation and obstacle avoidance in autonomous driving, facilitating the development of intelligent transportation systems. Innovusion's client base includes automotive manufacturers, robotics companies, and urban planners, particularly in North America, Europe, and Asia-Pacific, where demand for autonomous and semi-autonomous vehicle solutions is growing.Innovusion generates revenue through direct sales of its lidar systems to strategic partners and clients within the automotive and robotics industries. The company employs a business-to-business transaction model, emphasizing extensive partnerships that often involve collaborative development agreements and the integration of Innovusion's technology into partner products. Pricing structures are based on volume and customization, ensuring tailored solutions for specific application requirements. Revenue streams are further supported by ongoing maintenance contracts for sensor systems, which provide clients with software updates and service enhancements, all while scaling operations to meet increasing demand for sophisticated sensing technologies across various commercial sectors.Following the Series C funding round in January 2022, Innovusion plans to utilize the USD 118 mn to enhance product development and market expansion. The company is designing new lidar products aimed at improving the capabilities of autonomous vehicles, with launches expected in the near future. Innovusion aims to expand its market presence in Europe and Asia-Pacific by 2023, further solidifying its position in the autonomous vehicle sector.

## Funding rounds

- Series C, Jan 1, 2022, $118M — Hermitage Capital Group
- Series B, Aug 13, 2021, $66M — Eight Roads Ventures, F-Prime Capital, Temasek Holdings, Shunwei Capital, GTJA Innovation Investment, NIO Capital
- Series B, May 11, 2021, $64M — Eight Roads Ventures, F-Prime Capital, Temasek Holdings, BAI Capital, Joy Capital, NIO Capital
- Series A, Oct 25, 2018, $30M — Eight Roads Ventures, F-Prime Capital, Gaorong Ventures, NIO Capital
- Angel, Dec 12, 2017 — Gaorong Ventures

## Investors

- Gaorong Ventures (https://capitalatlas.ai/funds/gaorong-ventures) — Angel, Series A
- Eight Roads Ventures (https://capitalatlas.ai/funds/eight-roads-ventures) — Series A, Series B
- F-Prime Capital (https://capitalatlas.ai/funds/f-prime-capital) — Series A, Series B
- NIO Capital (https://capitalatlas.ai/funds/nio-capital) — Series A, Series B
- Temasek Holdings — Series B
- BAI Capital (https://capitalatlas.ai/funds/bai-capital) — Series B
- Joy Capital (https://capitalatlas.ai/funds/joy-capital) — Series B
- Shunwei Capital (https://capitalatlas.ai/funds/shunwei-capital) — Series B
- GTJA Innovation Investment (https://capitalatlas.ai/funds/gtja-innovation-investment) — Series B
- Hermitage Capital Group (https://capitalatlas.ai/funds/hermitage-capital-group) — Series C