The Global LiDAR and solutions provider Tudatong (Innovusion) plans to issue 21382252 shares of common stock and plans to be listed on the Nasdaq exchange.
Chinese companies were not originally required to report to their home country’s regulators for U.S. listings, though the China Securities Regulatory Commission (CSRC) introduced new rules at the end of 2021 mandating this requirement.
The announcement did not disclose more information about Innovusion’s planned U.S. IPO.
Innovusion was founded in 2016 and has R&D centers in Silicon Valley, Suzhou and Shanghai, as well as LiDAR manufacturing facilities in Ningbo and Suzhou.
The first ET7 models were delivered by Nio Motor on March 28, 2022, marking Innovusion’s mass production of LiDAR products.
Innovusion closed a $30 million Series A financing round in October 2018, led by Nio Capital.
Innovusion raised a $64 million Series B in May 2021 and a $66 million Series B+ in August 2021, both with participation from Nio Capital.
Nio launched the new ES6 in China on May 24, and Innovusion published a post the next day stating that its two LiDAR production sites in Ningbo and Suzhou can operate efficiently and that the part will not have capacity issues.
