​Hesai lands another $70 million from Xiaomi-backed capital

Beijing (Gasgoo)- China’s LiDAR supplier Hesai Technology announced today that it had received a $70 million investment increment from Xiaomi-linked Shunwei Capital.

Added the previously announced over $300 million worth of D-round investments, Hesai Technology has raised over $370 million in its Series D-round so far. Notably, this is also the second time for Xiaomi to invest in the company since this June.

Lead investors of this round include Xiaomi Group, Hillhouse Ventures, Meituan, and CPE.

According to the announcement, the fundings this time will be put into the mass-production and delivery of Hesai’s Hybrid Solid-State LiDAR, the construction of its new Hesai Maxwell intelligent manufacturing center and R&D of auto-grade high-performance LiDAR chips.

AT128 LiDAR; photo credit: Hesai Technology

As one of the leading players in the LiDAR development field, Hesai Technology has achieved substantial success so far.

The company’s featured AT128 LiDAR was chosen by multiple ADAS programs and landed millions of procurement orders from major automakers worldwide, including Li Auto, JiDU, HiPhi, Lotus, and more.

A selection of Hesai's a partners; photo credit: Hesai Technology

Massive orders require solid production capability, so the decision of building a new Hesai Maxwell intelligent manufacturing center is a reasonable next step. The center is projected to start production in 2022 and carry out LiDAR R&D, auto-grade testing tasks.

In addition, the company has developed a diversity of products specializing in multiple scenarios, including trunk-line logistics, car-road synergy.