Xiaomi invests an additional US$70 million, and Hesai Technology’s total D-round financing has reached US$370 million

On November 16, Hesai Technology, a domestic lidar manufacturer, announced that it had received an additional financing of US$70 million from Xiaomi Production Investment. In June of this year, Hesai Technology has received D round of investment led by Xiaomi Group, Hillhouse Ventures, Meituan and CPE, with an amount of 300 million US dollars, which means that the current total of Hesai D round financing has exceeded 370 million US dollars.

According to the information previously released by Hesai Technology, this round of financing will be used to support the mass production and delivery of hybrid solid-state lidar for front-loading mass production, the construction of Hesai Maxwell Intelligent Manufacturing Center, and the vehicle-grade high-performance laser Development of radar chips.

According to the data, Hesai Technology was established in 2014 and is mainly engaged in the related business of lidar manufacturing. The company has completed six rounds of financing so far, and has received more than $500 million in financing from institutions including Germany’s Bosch, Xiaomi, Meituan, Hillhouse, Lightspeed Global Fund, Baidu, and Qiming.

In January 2021, Hesai Technology tried to IPO on the Science and Technology Innovation Board, but withdrew the application about 2 months after submitting the prospectus. According to the disclosed prospectus, Hesai Technology plans to raise 2 billion yuan. Among them, 1.2 billion yuan is used for the intelligent manufacturing center project, 650 million yuan is used for the laser radar exclusive chip project, and 150 million yuan is used for the laser radar algorithm research and development project.

At present, as new and old car companies such as NIO, BAIC, Changan, and Great Wall have announced that they will be equipped with LiDAR on their next-generation models, the technology is being put into mass production applications at a faster rate than expected. According to Hesai Technology, since June 2021, the company has reached cooperation with at least 12 OEMs and autonomous driving R&D companies, including Lili Auto, WeRide Zhixing, Jidu, etc.

In addition, Hesai Technology stated that the latest product to be released in the second half of 2021, the long-range hybrid solid-state LiDAR AT128, has received a total of millions of units from many OEMs, including Ideal, Jidu, Gaohe, Lu Tesla, etc., and will start mass production and delivery in 2022.

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