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Chinese VC Funding Weekly Overview (5.10-5.14)
Lidar startup Innovusion closes $64M round led by Temasek
Innovusion, a five-year-old lidar company and a supplier to Chinese electric car upstart Nio, just landed a Series B funding round of $64 million. The new proceeds boost its total investment to over $100 million, not a small amount but the startup is in a race crowded with much bigger players that have raised hundreds of millions of dollars, like Velodyne and Luminar. Temasek, the Singaporean government's sovereign wealth fund, led Innovusion's latest financing round. Other investors included Bertelsmann Asia Investment Fund, Joy Capital, Nio Capital, Eight Roads Ventures, and F-Prime Capital.With the fresh capital, Innovusion plans to increase the production volume of its auto-grade lidar and put more R&D efforts into smart cities and vehicles.