IDG-Backed Chinese LiDAR Developer Benewake Raises Series B2 Round

Chinese LiDAR maker Benewake Co. announced yesterday at the Consumer Electronics Show in Las Vegas that it has completed a series B2 funding round, jointly led by Delta Capital, Keywise Capital and Valeo LP of Cathay Capital.

Existing investors, including IDG Capital and Shunwei Capital, also followed in the round. The specific amount of the round is yet to be disclosed by the firm.

At the venue, the company unveiled a new 3D solid-state array LiDAR Horn-X for utilization in self-driving cars, following the launch of its flagship solid-state infrared Flash LiDAR CE30 last year, according to a statement.

The new model is intended to enable L4 autonomous driving technology, allowing driverless vehicles to accurately identify targets and make timely judgments from 350 meters away.

Launched in 2014, Benewake is a Beijing-based high-tech start-up involved in the research, development and manufacturing of solid-state laser radars in robot eyes.

The start-up has achieved mass production for several products, including basic flash LiDAR and 3D LiDAR, with the protection of intellectual property rights secured in Europe, America, Asia-Pacific regions.

Its products have been applied to a number of fields, such as agricultural and logistics drones, outdoor obstacle avoidance for robots, collision avoidance for autonomous vehicles, parking lot searching, intelligent barrier gates, logistics and warehouse management and sensors for vending machines.

Benewake was awarded the champion of the Audi Innovation Lab in 2016 and entered BOSCH Accelerator in 2017.

The company received a series B1 round with an undisclosed amount, led by Cathay Capital in February 2018, and a series A+ round from Shunwei Capital, IDG Capital and Ecovacs in 2016.

The proceeds of the round will be invested in speeding up its research and development for stable and reliable laser radar products and boost development of driverless vehicles.