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The funding includes new investments from Singapore state investor Temasek and venture capital agency Joy Capital. Some existing investors additionally participated, together with Nio Capital, Nio's funding arm. With the most recent funding, Innovusion has raised more than $one hundred million. Lidar (light detection and ranging) sensors use laser gentle pulses to render exact photos of the atmosphere across the car. They're seen as important by many automakers for higher ranges of driver assistance, proper up to making cars capable of self-driving. Nio unveiled the ET7 earlier this 12 months. It is considered one of two models the EV maker plans to sell in Norway, where government tax breaks and subsidies have made the country a worldwide chief in per capita EV sales. Innovusion Chief Govt Junwei Bao said its Lidar sensors could be provided as standard on the ET7, with the latest funding serving to to scale up production and provide financing to some suppliers. Innovusion's sensors can spot some objects at a range of as much as 500 meters (1640 ft) and can register all however the darkest objects at a range of 250 meters. Junwei Bao stated Innovusion's sensors have been being evaluated for deployment by different carmakers. Other Lidar makers like Ouster Inc and Luminar Applied sciences Inc have gone public via mergers with special function acquisition corporations (SPACs). Bao mentioned Innovusion had considered going public, but had not determined whether or not to take action. Reporting by Nick Carey.

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