On February 9, Beijing time, Hesai Technology, a Qiming Venture Capital investment company and global leader in the lidar industry, successfully listed on Nasdaq. The issue price of Hesai Technology (NASDAQ: HSAI) was US$19/ADS, and the opening price was US$23.75/ADS, up 25%, with a market value of US$2.98 billion.
As a close connector of technology and innovation, Qiming Venture Partners has long been paying attention to innovation and change in the field of autonomous driving. In 2019, Qiming Venture Partners participated in Hesai Technology’s Series C financing and continued to invest in Series D financing. The successful listing of Hesai Technology is Qiming Venture Partners’ third IPO since the beginning of 2023.
Hesai Technology was founded in Shanghai, China in 2014, adhering to the mission of "empowering robots to make human life more efficient and comfortable". Its products are widely used in passenger cars and commercial vehicles that support advanced assisted driving systems (ADAS), as well as Self-driving cars. Hesai Technology's lidar technology is also committed to empowering various robot applications, such as unmanned delivery vehicles and logistics robots in closed areas.
Hesai Technology has excellent R&D capabilities and profound technology accumulation in the core fields of laser radar such as optics, mechanics, electronics, and software. Currently, it has hundreds of patents worldwide, self-developed chips, functional safety, and active anti-interference. and other technologies that have broken many records in the industry. Hesai Technology integrates lidar manufacturing technology into the R&D and design process to promote rapid product iteration while ensuring high performance, high reliability and high cost performance. Customers include the world's top automobile manufacturers, autonomous driving and robotics companies, etc., covering more than 90 cities in 40 countries around the world.
No matter in terms of shipments or revenue scale, Hesai Technology's products are in a leading position in the world. As of the end of 2022, Hesai Technology's cumulative delivery volume of lidar has exceeded 103,000 units, making it the first automotive lidar company in the world to reach the 100,000-level delivery volume. In addition, Hesai Technology is one of the few companies in the ADAS market that has begun mass delivery of lidar products to automobile manufacturers, setting a global record of more than 10,000 units of monthly delivery. According to a Frost & Sullivan report, Hesai Technology has become the global leader in the field of autonomous driving lidar in 2021, accounting for approximately 60% of the market share.
Li Yifan, co-founder and CEO of Hesai Technology, said: “Hesai Technology’s vision is to use high-performance lidar solutions to empower the future development of robotics, improve the quality of life, and make the world a better, safer, and more efficient place. ”
Kuang Ziping, founding managing partner of Qiming Venture Partners, said: "Qiming Venture Partners is honored to accompany Hesai Technology's growth. Going public is an important milestone and another key starting point for the company. We look forward to Hesai Technology's continued technological innovation and continuous launch in the future. Excellent products help the wider application of autonomous driving. With the development trend of cleanliness and intelligence in the global automobile industry, the automobile industry pattern will continue to change, and investment opportunities in the intelligent and automated industry chain will emerge in endlessly. Qiming Venture Capital will continue as always. We will fully support entrepreneurs to innovate and start businesses in these fields.”
About Qiming Venture Partners
Qiming Venture Partners was founded in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
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Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching US$9.4 billion. Since its establishment, it has focused on investing in outstanding companies in the early and growth stages of industries such as Technology and Consumer (T&C) and Healthcare (Healthcare).
To date, Qiming Venture Partners has invested in more than 480 fast-growing innovative companies, of which more than 180 have been listed or merged on exchanges such as the New York Stock Exchange, Nasdaq, Hong Kong Stock Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. With the exit, more than 70 companies have become industry-recognized unicorns and super unicorns.
Many of the companies invested by Qiming Venture Partners have grown into the most influential companies in their respective fields, including Xiaomi Group, Meituan, Bilibili, Zhihu, Stone Technology, Gan & Lee Pharmaceuticals, Tigermed, Zai Lab, CanSino Biologics, Schrödinger, Huitai Medical, Novo Health, Qiming Medical, Sanyou Medical, Aide Biotechnology, Berry Genetics, China Cell, Yuanxin Technology, Kangdiya, Faith Medicine, WeRide, Biren Technology, Youyi Required etc.
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