Velodyne LiDAR Gears Up for the Autonomous Revolution with Investments from Ford and Baidu
August 16 2016 - 6:55AM
Business Wire
In a Powerful Effort Aspiring to Save
Lives
Velodyne LiDAR, Inc., the recognized global leader in Light,
Detection and Ranging, or LiDAR technology, today announced the
completion of a combined $150 million investment from co-investors
Ford Motor Company [NYSE:F] (“Ford”) and China’s leading search
engine company Baidu, Inc. [Nasdaq:BIDU] (“Baidu”). The investment
will allow Velodyne to rapidly expand the design and production of
high performance, cost effective automotive LiDAR sensors,
accelerating mass adoption in autonomous vehicle and ADAS
applications and therefore accelerating the critical,
transformative benefits they provide.
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Roadmap to Automation - Driver Driven to
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Over the last decade, Velodyne developed four generations of
hybrid solid-state LiDAR systems incorporating the company’s
proprietary software and algorithms that interpret rich data
gathered from the environment via highly accurate laser-based
sensors to create high resolution 3D digital images used for
mapping, localization, object identification and collision
avoidance. Velodyne’s LIDAR solutions are capable of producing 300K
to 2.2 million data points per second with a range up to 200 meters
at centimeter-level accuracy. The Company’s high performance LiDAR
technology has been recognized by global automotive OEMs and
rideshare customers as a critical element enabling the development
of fully autonomous vehicles.
“LiDAR continues to prove itself as the critical sensor for safe
autonomous vehicle operation,” said David Hall, founder and CEO,
Velodyne LiDAR. “This investment will accelerate the cost reduction
and scaling of Velodyne’s industry-leading LiDAR sensors, making
them widely accessible and enabling mass deployment of fully
autonomous vehicles. We are determined to help improve the goal of
safety for automotive vehicles as soon as possible, as well as
empower the efficiency autonomous systems offer.”
“We want the cost to be low enough to be used for all cars. We
envision a safer world for the millions of automotive drivers
across the globe,” said Marta Hall, Velodyne President of Business
Development.
“From the very beginning of our autonomous vehicle program, we
saw LiDAR as key enabler due to its sensing capabilities and how it
complements radar and cameras,” said Raj Nair, Ford Executive Vice
President, Product Development and Chief Technical Officer. “Ford
has a long-standing relationship with Velodyne and our investment
is a clear sign of our commitment to making autonomous vehicles
available for consumers around the world.”
Baidu also shares Velodyne’s vision to promote safety for
autonomous vehicles on a global scale, and in particular in Baidu’s
home market in China, where Baidu is already testing its fleet of
autonomous vehicles. “Baidu is developing autonomous vehicles with
the intention to increase passenger safety and reduce traffic
congestion and pollution in China,” said Jing Wang, Senior Vice
President and General Manager of Autonomous Driving Unit of Baidu.
“Our investment will accelerate our efforts in autonomous driving
with what, in our view, are the best LiDAR sensors available today
and advance Velodyne’s development of increasingly sophisticated
LiDAR sensors.”
Velodyne expects an exponential increase in LiDAR sensor
deployments in autonomous vehicles and ADAS applications over the
next several years, driving high revenue growth. To fulfill the
high demand for Velodyne’s products, the company will continue to
expand its resources across engineering, operations and
manufacturing. In connection with this minority investment round,
the Company plans to expand its board of directors to include two
independent industry executives. Velodyne remains focused on
strengthening its leadership in LiDAR technology development and
product commercialization, working with top automotive OEM and
rideshare partners to improve global transportation safety and
efficiency.
Morgan Stanley acted as sole placement agent for this
transaction.
About Velodyne:
Founded in 1983 by David S. Hall, Velodyne Acoustics Inc. first
disrupted the premium audio market through Hall’s patented
invention of virtually distortion-less, servo-driven subwoofers.
Velodyne set the audio industry benchmark for premium bass sound.
Hall subsequently leveraged his knowledge of robotics and 3D
visualization systems to invent ground breaking sensor technology
for self-driving cars and 3D mapping, introducing the HDL-64
Solid-State Hybrid LiDAR sensor in 2005. By 2007, Hall had
transitioned the focus of Velodyne to LiDAR sensors and quickly
experienced strong commercial adoption with industry leaders across
multiple end markets.
Velodyne LiDAR has emerged as the leading supplier of
solid-state hybrid LiDAR sensor technology used in a variety of
commercial applications including advanced automotive safety
systems, autonomous driving, 3D mobile mapping, 3D aerial mapping
and security. The compact, lightweight HDL-32E sensor is available
for applications including UAVs, while the VLP-16 LiDAR Puck is a
16-channel LiDAR sensor that is both substantially smaller and
dramatically less expensive than previous generation sensors. The
company will soon release the “Ultra Puck,” with the specifications
similar to the HDL-64, but in a smaller package, designed
specifically for the automotive industry. To read more about the
technology including white papers visit
http://www.velodynelidar.com.
About Ford:
Ford Motor Company is a global automotive and mobility company
based in Dearborn, Michigan. With about 203,000 employees and 67
plants worldwide, the company’s core business includes designing,
manufacturing, marketing, financing and servicing a full line of
Ford cars, trucks, SUVs and electrified vehicles, as well as
Lincoln luxury vehicles. At the same time, Ford aggressively is
pursuing emerging opportunities through Ford Smart Mobility, the
company’s plan to be a leader in connectivity, mobility, autonomous
vehicles, the customer experience, and data and analytics. The
company provides financial services through Ford Motor Credit
Company. For more information regarding Ford, its products
worldwide or Ford Motor Credit Company, visit
www.corporate.ford.com.
About Baidu:
Baidu, Inc. is the leading Chinese language Internet search
provider. As a technology-based media company, Baidu aims to
provide the best and most equitable way for people to find they're
looking for. In addition to serving individual Internet search
users, Baidu provides an effective platform for businesses to reach
potential customers. Baidu's ADSs trade on the NASDAQ Global Select
Market under the symbol "BIDU." Currently, ten ADSs represent one
Class A ordinary share.
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Velodyne LiDARLaurel Nissenlnissen@velodyne.comorPorter
Novelli/VoceAndrew HusseyAndrew.hussey@porternovelli.com
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