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Pagoda Investment Leads $16M Round In Chinese LiDAR Firm Hes
  Beijing-based Pagoda Investment has led a RMB110 million (US$16 million) series A round in Hesai, a Shanghai-based company developing smart sensing solutions for autonomous cars and natural gas leak detection systems.

  Grains Valley Venture Capital, Jiangmen Venture Capital and LightHouse Capital Management also participated in the round.

  Founded in 2013 in Silicon Valley, Hesai relocated to Shanghai in 2014. It develops Light Detection and Ranging (LiDAR) technology used for autonomous driving, drone-mounted natural gas surveillance systems, laser-based remote methane leak detectors and spherical robotic remote methane detection systems.

  "The autonomous driving industry is about to boom, but a lot of ecosystems are in the development stage, and it is a professional industry with high entry barriers. Only companies who have the capability to continuously develop high quality products can survive," said Pagoda Investment in a statement. "Pagoda Investment hopes that we can integrate our funds to support the domestic and overseas automobile industry."

  Last month, Hesai released its 40-channel solid-state hybrid LiDAR Pandar 40. The product has a measurement range of 150 meters with a measurement accuracy of two centimeters. At the same time, the company partnered with a number of autonomous driving technology and car companies including Baidu Inc., Chinese electric vehicle start-up NIO and self-driving tech firm UiSee.

  The company currently has a team of 50 people from established companies including Apple, Carl Zeiss AG, American big data storage company Western Digital Co, Tektronix Inc, and the Institute of Semiconductors at the Chinese Academy of Sciences.

  "LiDAR is one of the most important sensors in developing driverless vehicles and robots, and it has high technology barrier. Hesai has emerged to break the dominance of the LiDAR industry by Western companies," Grains Valley Venture Capital said in a statement.

  The company plans to use the latest proceeds to accelerate the mass production of Pandar 40, as well as to develop a new generation product named Pandar GT with greater reliability and lower cost.

Source:chinamoneynetwork  Release date:2017-03-11