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Why are investors and technology industry optimistic about laser radar?
The popular LiDAR (Light Detection and Ranging) sensors have captured the attention of investors and tech companies alike. These sensors are not only used in ADAS (Advanced Driver Assistance Systems) and autonomous vehicles but also find applications in drones, industrial automation, mapping, and robotics. As the demand for smart mobility solutions grows, LiDAR continues to play a key role in shaping the future of transportation.
However, it's still early days for LiDAR in the automotive sector. Major suppliers are working hard to make their products more cost-effective for ADAS and self-driving applications. Meanwhile, startups around the world—particularly in Silicon Valley, Israel, and China—are emerging with innovative solutions. With enough time and investment, some of these companies could become industry leaders.
**How hot is LiDAR investment?**
According to recent reports from Mames Consulting, the LiDAR field has seen significant funding in just one month, with a total of $216 million raised across three rounds:
- Israeli startup **Oryx Vision** closed a $50 million Series B round, bringing its total funding to $67 million in 15 months.
- **Innoviz**, another Israeli company, recently secured a $65 million Series B round, including investments from Delphi and Magna. The company, which was launched just a year ago, now has $74 million in total funding.
- Canadian pioneer **LeddarTech** completed a $101 million Series C round, led by Osram, Delphi, Magneti Marelli, and IDT as strategic investors.
Market research firms are optimistic about the growth potential of the LiDAR market. For instance:
- Grand View Research predicts the global automotive LiDAR market will reach $1.34 billion by 2024.
- MarketsandMarkets forecasts the broader LiDAR market—including mapping, meteorology, and urban planning—will surpass $5.2 billion by 2022, growing at a CAGR of 25.8% between 2017 and 2022.
- BIS Research estimates the automotive LiDAR market reached $65 million in 2016 and expects a double-digit CAGR over the next decade.
- Global Market Insights notes that non-automotive LiDAR applications, such as civil engineering and defense, will grow from $355.5 million in 2015 to over $1.1 billion by 2023.
- Yole Development predicts the automotive LiDAR market will surge from $300 million in 2017 to $44 billion by 2022.
Mentor, a Siemens company and leader in electronic design automation, highlights that LiDAR, radar, and image sensors are essential for the future of autonomous vehicles. Amin Kashi, director of ADAS & AD at Mentor, says LiDAR sensors have made progress in size and reliability. Unlike older mechanical systems, modern LiDARs don’t rely on moving parts. He emphasizes that reliability is crucial in automotive environments, and while some question the need for multiple LiDAR sensors, he believes 2–5 units may be necessary for high-level autonomy.
Tier 1 suppliers like Delphi are investing in LiDAR startups such as Quanergy, LeddarTech, and Innoviz. Despite rapid innovation, many startups still face challenges in mass production and commercialization.
**Same dream, different starting points**
Startups like **Cepton Technologies**, based in Silicon Valley, are leveraging unique laser emission and sensing array technologies. Their HR Series LiDAR offers high resolution, both horizontally and vertically, reaching 0.2°, significantly outperforming mechanical systems. Cepton’s solution uses micro-motion technology, eliminating large rotating components and improving reliability. They’ve already shipped products to customers in North America, Asia, and Europe and are expanding into other industrial markets.
**Price wars are about to start**
Another player, **Quanergy**, claims it can win the LiDAR price war. Its solid-state LiDAR sensor is priced at around $250 and is set for mass production by late 2018. Quanergy’s Q-Guard system, designed for security and monitoring, showcases the versatility of LiDAR beyond automotive use.
**Velodyne LiDAR**, once part of a speaker company, is now an independent entity. It has been supplying sensors to real-world applications and recently signed a contract with Mercedes-Benz. Velodyne’s new Velarray LiDAR, a solid-state unit, is expected to hit the market in 2019, with a target price of a few hundred dollars.
**LeddarTech** has developed a compact, solid-state LiDAR that integrates into car headlights, offering a 60° x 20° field of view and a detection range of up to 300 meters. It’s being partnered with Valeo to bring a low-cost solution to market.
As LiDAR continues to evolve, the race to dominate this space is heating up. Whether through innovation, cost reduction, or strategic partnerships, the future of autonomous driving depends heavily on the success of LiDAR technology.