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Why are investors and technology industry optimistic about laser radar?
LIDAR (Light Detection and Ranging) technology has become a major focus for investors and the tech industry due to its wide range of applications, from advanced driver assistance systems (ADAS) and autonomous vehicles to drones, industrial automation, mapping, and robotics. While the automotive sector is still in the early stages of integrating LIDAR into mass production, several startups are emerging globally, particularly in Silicon Valley, Israel, and China. With sufficient time and funding, some of these companies could eventually become industry leaders.
The investment landscape for LIDAR is heating up. According to Mames Consulting, the LIDAR field saw three major financings in just one month, totaling $216 million. Israeli startup Oryx Vision raised $50 million in a Series B round, bringing its total funding to $67 million in 15 months. Another Israeli company, Innoviz, secured $65 million in Series B funding, including support from major players like Delphi and Magna. Meanwhile, Canadian pioneer LeddarTech closed a $101 million Series C round led by Osram, Delphi, Magneti Marelli, and IDT.
Market research firms are optimistic about the future of the LIDAR market. Grand View Research predicts the global automotive LIDAR market will reach $1.34 billion by 2024. MarketsandMarkets estimates that the broader LIDAR market—covering areas like mapping, exploration, and urban planning—will grow to over $5.2 billion by 2022. Yole Développement forecasts explosive growth in the automotive LIDAR market, projecting it to rise from $300 million in 2017 to $44 billion by 2022.
Mentor Graphics, a Siemens subsidiary, emphasizes that LIDAR, radar, and image sensors are essential for future autonomous vehicles. Amin Kashi, director of ADAS & AD at Mentor, notes that LIDAR sensors have made progress in size and reliability. He highlights that modern LIDAR systems no longer rely on mechanical components, which were common in early self-driving prototypes. “Reliability is crucial in automotive applications,†he says. While not every vehicle will need the same number of LIDAR sensors, Kashi believes high-level autonomous cars may require 2 to 5 units.
Some companies argue that LIDAR isn’t necessary for full autonomy, but Kashi disagrees. “Autonomous vehicles need LIDAR, cameras, and radar working together to achieve true autonomy,†he explains. Tier 1 suppliers like Delphi are investing in multiple LIDAR startups, including Quanergy, LeddarTech, and Innoviz. As these companies develop their technologies, they must also focus on mass production and real-world integration.
Cepton Technologies, a Silicon Valley-based startup, is making waves with its high-resolution LiDAR. Its HR Series offers a horizontal and vertical resolution of 0.2°, far surpassing many competitors. The company’s micro-motion technology eliminates bulky rotating parts, improving reliability and reducing size. Cepton’s products are already being deployed in various regions, and the company plans to enhance durability and collaborate with OEMs in 2019.
Quanergy Systems, another player in the space, claims it can win the upcoming price war. Its solid-state LiDAR sensor costs around $250 and is set for mass production later this year. The company has developed a 3D intrusion detection solution called Q-Guard, targeting security and industrial markets.
Velodyne LiDAR, once part of a speaker company, now stands as a leader in the field. After becoming independent, it has expanded its presence in China and Europe. Velodyne recently signed a supply contract with Mercedes-Benz and is working on its new solid-state Velarray LiDAR, expected to enter mass production in 2018–2019. The sensor offers a compact design and long-range detection capabilities.
LeddarTech, in partnership with Valeo, has introduced a low-cost solid-state LiDAR integrated into car headlights. This innovation aims to bring down costs and make LIDAR more accessible for mass-market vehicles.
As LIDAR continues to evolve, the race to develop cost-effective, reliable, and scalable solutions remains intense. Whether through mechanical or solid-state designs, the future of autonomous driving depends heavily on this critical sensing technology.