Nio’s LiDAR supplier innovusion changes name to Seyond

Innovusion, Nio’s (NYSE: NIO) LiDAR supplier, announced that it has changed its English name to Seyond, while its Chinese name “图达通” remains unchanged.

The new English name is a combination of See and Beyond, the company said in a statement.

“This brand refresh is a pivotal moment in the company’s journey and represents our commitment and determination to grow, evolve, and push the boundaries of LiDAR technology,” the company’s CEO Bao Junwei said.

This is intended to connect the corporate image with rapid growth, determined focus, and visionary, Bao added.

The move will not affect Innovusion’s relationships with its partners, although the company’s website, email address and some of its contact information will be updated, according to Bao.

Founded in 2016, Innovusion has R&D centers in Silicon Valley, Suzhou and Shanghai, and LiDAR manufacturing facilities in Ningbo and Suzhou.

In October 2018, Innovusion secured $30 million in Series A funding led by Nio Capital, according to its website.

Nio delivered the first ET7 vehicles, marking the mass production of Innovusion’s LiDAR products.

Since the ET7 began carrying Innovusion’s image-grade, ultra-long-range LiDAR Falcon, all of Nio’s NT 2.0 platform-based vehicles have come standard with this LiDAR product.

On September 21, Nio announced its first in-house developed chip, Yangjian, a LiDAR main control chip. The chip has the logos of Nio as well as Innovusion, and was jointly created by the two companies.

As of November, Innovusion’s cumulative LiDAR deliveries exceeded 200,000 units, the company announced on November 16.

Innovusion’s annual production capacity now exceeds 300,000 LiDARs, and a new production line is already being laid out to enter mass production in December, it said last month.

Innovusion plans a US initial public offering (IPO) that will issue up to 21,382,252 ordinary shares and list them on the exchange, according to an August 10 announcement on the China Securities Regulatory Commission’s website.