Quanergy, A Self-Driving Car Sensor Startup, Raises $90 Million
Empowering Self-driving Vehicles
Silicon Valley-based Quanergy Systems makes light detection and ranging sensors for self-driving cars. It has successfully completed a funding round of $90 million led by Sensata Technologies. Other investors included Delphi Automotive, Samsung Ventures, Motus Ventures, and GP Capital. This clearly indicates the booming trend in the self-driving automotive industry.
Plan to develop affordable LiDAR
Quanergy plans to develop affordable LiDAR systems. What are they? They are light detection sensors; a major component of self-driving cars. Cars use a combination of sensors and cameras to safely navigate through the traffic. LiDAR is light sensitive radars that generate 3D images of things around the car in real time.
Quanergy’s CEO, Louay Eldada pegs its post-funding valuation at $1.59 billion. Now the task ahead for his team is to build affordable LiDAR systems because the systems already available in the market are tall on price tags. California-based Velodyne started selling its LiDAR at $80,000. But it’s the latest prototype is pegged at $8,000. Such is the competition in the market. Since Google and Ford, both deploy LiDAR in their self-driving cars, the demand is increasing as well.
Market Rollout
On the other hand, Quanergy’s LiDAR sensors are already being used by five automobile manufacturers. These self-driving vehicles will be available for sale by 2018. Apart from this, non-passenger vehicles in mining and agriculture are also being fitted with LiDAR and will be available sooner than the passenger cars.
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