(Bloomberg) — Hesai Technology Co., a Chinese developer of sensor technologies used in self-driving cars, is aiming to raise about $200 million in new funds ahead of an initial public offering, according to people familiar with the matter.
The Shanghai-based startup is working with China International Capital Corp., Credit Suisse Group AG and Morgan Stanley on the funding round, the people said, asked not to be identified as the information is private. The company, which counts German engineering conglomerate Robert Bosch GmbH among its backers, is currently valued at about $3 billion, they said.
Hesai is considering potential IPO venues including the U.S., the people said. Last year the startup filed and later withdrew an application to list on Shanghai’s Nasdaq-like Star Board.
Discussions are ongoing, preparations for the IPO are at an early stage and details of both the funding and IPO plan are subject to change, the people said. Representatives for Credit Suisse and Morgan Stanley declined to comment, while CICC and Hesai didn’t immediately respond to requests for comment.
Hesai’s efforts to raise fresh funding comes as competition in China’s autonomous driving supply chain intensifies. Its Intel Corp.-backed rival ZVision Technology Co. raised a pre-series C round in January led by Chinese carmaker Xpeng Inc., while RoboSense is working with JPMorgan Chase & Co. to seek a Hong Kong listing that could raise as much as $1 billion, Bloomberg News has reported.
Founded in 2014, Hesai develops and produces lidar sensors for autonomous driving cars and robotics applications. The firm has clients spanning 40 countries, according to its website. Hesai raised more than $370 million in a series D round from investors including Chinese smartphone maker Xiaomi Corp., food delivery giant Meituan and financial backers Hillhouse Ventures and CPE, a November press release showed.
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