What if 80 percent of car accidents could be completely avoided with a single piece of technology? Lebanese-born entrepreneur Louay Eldada is making that outlook a reality with Quanergy Systems, recently securing $30M in Series A financing to accelerate its growth.
Using LiDAR technology, Quanergy develops and markets smart sensing solutions for real-time 3D mapping and object detection, tracking, identification, and classification. Its robust and intelligent technology notifies drivers of their surroundings within a one-kilometer radius, day and night, rain or shine. Blind spots suddenly disappear, poor weather is no longer an obstacle, and with Quanergy’s affordable supply of LiDAR sensors, broad deployment of advanced driver assistance systems (ADAS) and autonomous driving systems will soon reach the masses.
“Quanergy is the embodiment of the spirit of Silicon Valley,” according to Tamer Hassanein, general partner of the Rising Tide Fund, leading funding, with $20 million committed in the round. From a small startup in a home garage, Quanergy raised $4.5 million in seed funding earlier this year. Within six months, it secured its first contract with Mercedes Benz, followed by two additional agreements with leading auto manufacturers in Europe and Asia.
Louay, who holds degrees from Stanford, Harvard, MIT, and Columbia, has both a technical engineering background and several business management degrees and accreditations at the side of his success. Leaving his home in Lebanon at the age of 18 to attend Columbia University, he has lived in New York, New Jersey, Massachusetts and Texas, relocating to Silicon Valley in 2012 for a to be the Chief Science Officer for SunEdison, the leader in the solar energy space. Louay is a strong believer in innovation as a tool to improve lives and solve some of the world’s toughest problems, and that’s exactly what he’s doing with Quanergy.
“Our focus on listening from day one to the voice of the customer, and on innovating to build a product with the most attractive price-performance ratio, is paying off, as proven by our solid commercial traction with top tier customers,” said Louay of Quanergy. “We are delighted to have with us on our journey astute investors who share our vision, which include the Rising Tide Fund team and the Tesla Motors founders.”
Quanergy innovations, covered by 8 patent applications, address the needs in various markets for 3D LiDAR-based sensing systems. Its solutions are applicable in numerous sectors including mapping, automotive, security, aeronautics, and industrial automation for improved safety, efficiency and performance. Key markets include passenger and military vehicles, commercial and municipal fleets, logistics and distribution centers, space management automation, robotics, surveying, construction, archaeology, geology, unmanned aerial vehicles (UAVs), wind turbine preservation and inspection, border protection, and disaster relief.