Innovusion Valuation, Funding & Investors
Innovusion is valued at $1.2B as of January 2022.
Last Innovusion valuation
$1.2B
Series C · Jan 2022
Last Innovusion funding round
$118M
Series C · Jan 2022
Cumulative funding Innovusion raised
$278M
across 4 funding rounds
Key investors in Innovusion
F-Prime
Eight Roads Ventures
NIO Capital
Temasek
Shunwei Capital
Gaorong Capital
About Innovusion
Innovusion, also known as Seyond, develops high-performance, image-grade LiDAR sensor systems for autonomous vehicles and advanced driver-assistance systems. Founded in 2016 with core teams in Sunnyvale, California and Suzhou, China, the company designs long-range LiDAR aimed at level 4 and 5 autonomous driving, emphasizing range, resolution, sensor fusion, compact size, and cost-effectiveness. It supplies automakers including Chinese electric-vehicle maker Nio, selling sensors at roughly $1,000 per unit as a lower-cost alternative to competitors such as Velodyne and Luminar.
Founded
2016
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.2B (Jan 2022)
Innovusion Valuation
Innovusion is currently valued at $1.2B, based on its Series C in January 2022.
The $118M round was led by Hermitage Capital, with participation from Panorama Capital.
Innovusion's valuation has grown 3.9x from $300M at its Series B in March 2021 to $1.2B in January 2022, across 2 priced rounds.
Innovusion valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2022 | Series C | $1.2B |
| Mar 2021 | Series B | $300M |
Innovusion Funding History
Innovusion has raised a total of $278M across 4 funding rounds.
Innovusion's first fundraising round was a $30M Series A in October 2018. The most recent completed round was a $118M Series C in January 2022.
Innovusion funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series C | Hermitage Capital (lead); Panorama Capital | $118M | $1.2B | Innovusion (now referred to as Seyond in some sources) is a developer of LiDAR sensors for applications including autonomous vehicles, with advancements tied to mass production expansion in the sector. The company raised funding in a Series C round dated January 1, 2022, led by Hermitage Capital. Hermitage Capital holds an equity interest in Innovusion through its Hermitage Fund Twelve SP, as noted in a Galaxy Fund SPC interim report. Prior to the 2022 round, Innovusion completed a Series B in February 2021 with a valuation of $300M and a Series B-II in August 2021, contributing to total funding of $280.75M across 8 rounds by late 2024. Hermitage Capital, a Hong Kong-based private equity firm focused on technology sectors like AI and electric vehicles, lists Innovusion in its active portfolio alongside companies such as Airwallex and SenseTime. Subsequent developments include Innovusion's application for a Nasdaq IPO in 2023 involving up to 21.4 million shares and a pending acquisition by TechStar Acquisition announced December 20, 2024. |
| Aug 2021 | Series B | Guotai Junan Intl Hldgs (lead); Temasek; Shunwei Capital; F-Prime; Eight Roads Ventures; NIO Capital | $66M | - | Innovusion is a Silicon Valley-based developer of high-performance image-grade LiDAR sensor systems for level 4 and 5 autonomous vehicles and ADAS markets, emphasizing range, resolution, sensor fusion, compact size, and cost-effectiveness. The company raised $66 million in a Series B Plus financing round on August 13, 2021, led by Guotai Junan International, with participation from Shunwei Capital and existing investors including Temasek. Previous rounds included a $64 million Series B and an early $2.8 million equity round in December 2016 from investors like Eight Roads Ventures, NIO Capital, Gaorong Capital, and F-Prime Capital, bringing total funding to approximately $278 million as estimated in some sources. Innovusion matches the investors Eight Roads Ventures, F-Prime, NIO Capital, Shunwei Capital, and Temasek Holdings. Post-round, Innovusion achieved significant traction, becoming the No.1 in LiDAR volume and revenue for passenger vehicles globally in 2022, with strong growth continuing into 2023. The company focuses on scaling 1550nm LiDAR production, cost reductions through supply chain efficiencies, and maintaining leadership in performance and affordability against competitors in the automotive LiDAR market, projected to grow from $169 million in 2022 to $3.9 billion by 2028. |
| Mar 2021 | Series B | Temasek (lead); Joy Capital; F-Prime; Eight Roads Ventures; NIO Capital; BAI capital | $64M | $300M | Innovusion is a lidar technology company founded in 2016 with core development teams in Sunnyvale, California and Suzhou, China. The company specializes in image-grade, long-range LiDAR sensor systems for autonomous driving markets and serves as a supplier to Chinese electric vehicle manufacturer Nio. Innovusion's lidar sensors are sold to automakers at approximately $1,000 per unit and are positioned as cost-effective alternatives to competitors like Velodyne and Luminar, using mature components to enable quick production ramp-up to 100,000 units annually. In April 2021, Innovusion closed a $64 million Series B funding round led by Temasek, the Singaporean government's sovereign wealth fund, with participation from BAI Capital, Joy Capital, Nio Capital, Eight Roads Ventures, and F-Prime Capital. The round was reportedly conducted at a $300 million post-money valuation according to reporting from March 2021. This Series B brought the company's total funding to over $100 million. The company planned to use the new capital to increase production capabilities of its automotive-grade LiDARs, support supply-chain partners for mass production, and expand research and development efforts around advanced LiDAR technologies. At the time of the Series B round, Innovusion had over 100 employees and planned to expand headcount to over 200 that year. Following the Series B, the company raised an additional $66 million in a Series B Plus round in August 2021 led by Guotai Junan International Private Equity Fund, further accelerating its expansion into autonomous transportation, smart infrastructure, and high-speed rail transit applications. |
| Oct 2018 | Series A | Eight Roads Ventures (lead); F-Prime (lead); NIO Capital (lead); Gaorong Capital | $30M | - | Innovusion is a Silicon Valley-headquartered startup founded in 2016, specializing in high-performance, image-grade LiDAR sensor technology for Level 4+ autonomous vehicles, with core development teams in Sunnyvale, California, and Suzhou, China. The company develops products like the Innovusion Cheetah, the world's first image-grade LiDAR supporting fully autonomous driving, capable of detecting objects over 200 meters away with a dense 300-line point cloud at high frame rates and low-volume production costs. Co-founded by Junwei Bao, former head of Baidu's sensor and hardware team, and Yimin Li, ex-Velodyne R&D member, Innovusion prior to the Series A had raised a $3 million seed round from investors including Gaorong Capital. In October 2018, Innovusion closed a $30 million Series A funding round co-led by NIO Capital, Eight Roads Ventures (China team), and F-Prime Capital, with participation from Gaorong Capital and other seed investors. Proceeds were allocated to ramp up production of the Cheetah LiDAR to meet global demand starting in Q4 2018, as the system became available for worldwide customer orders. This investment aligned with NIO's strategy to advance its autonomous driving capabilities through the AV supply chain. Innovusion's technology emphasized advantages over competitors, such as double the point cloud density of peers. The company later progressed with customers like NIO, whose ET7 sedan integrates Innovusion LiDAR, and secured subsequent rounds including a $64 million Series B in 2021 led by Temasek with participation from existing investors, and a $66 million Series B+ in 2021 led by Guotai Junan International Private Equity Fund. |
Who has invested in Innovusion?
11 investors have backed Innovusion across its funding rounds, including F-Prime, Eight Roads Ventures, NIO Capital, Temasek, Shunwei Capital and Gaorong Capital.
Lead investors include Hermitage Capital, Guotai Junan Intl Hldgs, Temasek, Eight Roads Ventures, F-Prime and 1 other investor.
Innovusion Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 3 | Lead | Oct 2018 | |
 London | 3 | Lead | Oct 2018 | |
 Shanghai | 3 | Lead | Oct 2018 | |
 Singapore | 2 | Lead | Mar 2021 | |
 Hong Kong | 1 | Lead | Jan 2022 | |
| Beijing | 1 | Participant | Mar 2021 | |
| Beijing | 1 | Participant | Oct 2018 | |
| Beijing | 1 | Participant | Aug 2021 | |
| Hong Kong | 1 | Lead | Aug 2021 | |
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Start Free TrialInnovusion Competitors
Innovusion competitors include listed companies like Cidi and Kodiak AI, and private ones like Haomo.AI, SemiDrive, Deeproute and Roadstar.ai.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Publicly listed | $132M | ($155M) | $1.3B | 5.0x | |
| Beijing | Private | - | - | $1B | - | |
| United States | Publicly listed | $4M | ($577M) | $768M | 98.7x | |
| Beijing | Private | - | - | $1.9B | - | |
| Shenzhen | Private | - | - | $600M | - | |
| Shenzhen | Private | - | - | $600M | - |
Innovusion Public Comps
Innovusion is still privately-owned, but its public comps include Droneshield, Cidi, Red Cat Holdings, Eacon Group, Aeva, POET Technologies, Boost Run, Extreme Vision, Robosense and Kodiak AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $154M | $3M | 6.7x | 5.8x | 321.0x | (254.5x) | |||
| $132M | ($155M) | 8.8x | 5.0x | (7.5x) | (22.7x) | |||
| $41M | ($72M) | 19.0x | 6.6x | (10.7x) | (8.8x) | |||
| $214M | ($33M) | 6.6x | - | (42.5x) | - | |||
| $18M | ($139M) | 54.7x | 35.6x | (7.1x) | (8.7x) | |||
| $1M | ($60M) | 475.5x | 106.5x | (8.6x) | - | |||
| $27M | ($4M) | 58.1x | 11.8x | (419.7x) | 25.1x | |||
| $44M | ($6M) | 22.8x | 11.6x | (163.7x) | - | |||
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Common questions about Innovusion
| When was Innovusion founded? | Innovusion was founded in 2016. |
| Where is Innovusion headquartered? | Innovusion is headquartered in San Francisco, CA, United States. |
| Is Innovusion publicly listed? | No, Innovusion is a private, VC-backed company. |
| What is Innovusion's valuation? | Innovusion was last valued at $1.2B in its Series C in January 2022. |
| How much funding has Innovusion raised? | Innovusion has raised $278M across 4 funding rounds. |
| What was Innovusion's last funding round? | Innovusion's last funding round was a $118M Series C in January 2022, led by Hermitage Capital. |
| Who are Innovusion's investors? | Innovusion's investors include F-Prime, Eight Roads Ventures, NIO Capital, Temasek, Hermitage Capital, Joy Capital, Gaorong Capital, Shunwei Capital, Guotai Junan Intl Hldgs, BAI capital and 1 other. |
| Which companies are comparable to Innovusion? | Companies comparable to Innovusion include Cidi, Haomo.AI, Kodiak AI, SemiDrive, Deeproute and Roadstar.ai. |
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