SHANGHAI, Feb. 9, 2023
/PRNewswire/ -- On Feb 9 Beijing
time, Hesai Technology ("Hesai"), a global leader in LiDAR
technology and Qiming Venture Partners' portfolio company, began
trading on Nasdaq. Hesai Technology (NASDAQ: HSAI) offered at
$19/ADS and opened at $23.75/ADS, up by 25%, representing a market cap
of $2.98 billion.
Dedicated to bridging frontier technology and social change,
Qiming has a long-term focus on innovative progress in autonomous
driving. Back in 2019, Qiming invested in Hesai Technology's Series
C round of financing and followed on in its Series D round. Hesai
Technology's successful listing marks Qiming's 3rd IPO
in 2023.
Hesai Technology was founded in Shanghai in 2014. With the mission of "Empower
Robotics, Elevate Lives", it has become a global leader in LiDAR
technology for autonomous mobility and ADAS (Advanced Driver
Assistance Systems). Hesai's LiDAR products enable a broad spectrum
of applications across passenger and commercial vehicles with ADAS
and autonomous vehicle fleets. Its technology also empowers
robotics applications such as last-mile delivery robots and
logistics robots in restricted areas.
Hesai's innovative products are backed by superior R&D
capabilities across optics, mechanics, electronics, and software,
with hundreds of patents globally and record-breaking
self-developed chips, functional safety, active anti-interference
technologies, etc. It integrates LiDAR designs with an
in-house manufacturing process, facilitating rapid product
development while ensuring high performance, consistent quality and
affordability. The company currently provides solutions for global
major autonomous driving companies and top automobile
manufacturers, and robotics companies, covering 40 countries and
over 90 cities around the world.
As an industry leader, Hesai has an edge on both delivery volume
and revenue scale. As of 2022, the cumulative deliveries exceeded
103,000 units, making Hesai the first vehicle LiDAR company in the
world to reach the 100,000 level. It is also one of the few
companies to start delivering LiDAR products in volume to
automotive OEMs, setting a global record of over 10,000 units
delivered per month. According to a Frost & Sullivan report,
Hesai is the global leader in the autonomous mobility LiDAR market
by 2021 with approximately 60% of the global market
share.
Li Yifan, Co-founder and CEO of Hesai Technology, said, "At
Hesai, our vision is to empower the future of robotics with high
performance LiDAR solutions that elevate lives and make the world a
better, safer and more efficient place for everyone."
"Qiming is honored to accompany Hesai's growth and delighted to
see its IPO on Nasdaq, a milestone and a new beginning for the
company. We look forward to seeing more exciting technology and
product innovations from Hesai to help promote the wider adoption
of autonomous driving," said Duane
Kuang, Founding Managing Partner of Qiming Venture Partners.
"As the global automotive industry moves to cleaner and smarter
vehicles, the industry landscape will continue to evolve. We see
many interesting investment opportunities in the intelligent and
autonomous driving value chain. Qiming will continue to support
entrepreneurs to innovate in these exciting and growing areas."
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading
China venture capital firm with
offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San
Francisco Bay Area.
Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.4
billion in capital raised. Since our establishment, we have
invested in outstanding companies in the Technology and Consumer
(T&C) and Healthcare industries at the early and growth
stages.
Since our debut, we have backed over 480 fast-growing and
innovative companies. Over 180 of our portfolio companies have
achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai
Stock Exchange or Shenzhen Stock Exchange, or through M&A or by
other means. There are also over 70 portfolio companies that have
achieved unicorn status.
Many of our portfolio companies are today's most influential
firms in their respective sectors, including Xiaomi, Meituan,
Bilibili, Zhihu, Roborock, Gan & Lee Pharmaceuticals, Tigermed,
Zai Lab, CanSino Biologics,
Schrödinger, APT Medical, New Horizon Health, Venus MedTech, Sanyou
Medical, AmoyDx, Berry Genomics, SinocellTech, Yuanxin Technology,
Caidya, Belief BioMed, WeRide, Biren Technology and UBTech among
many others.
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SOURCE Qiming Venture Partners