Ouster launches OS1 LiDAR and completes financing round
Ouster announced the launch of the OS1 model LiDAR and $27 million in Series A funding, led by Cox Enterprises. The financing also included participation from Fontinalis Partners, Amity Ventures, Constellation Technology Ventures, Tao Capital Partners, and Carthona Capital. Compared to the LiDAR sensing technology on the market today, Ouster says the OS1 presents marked improvements in mass, form factor, and power requirements. The 64-channel LiDAR sensor, which also matches the resolution of the highest-performing automotive LiDAR technology on the market, has begun shipping to customers and is rapidly ramping up commercial-scale production at a price point approximately 85% below that of its competition.
"Ouster's OS1 LiDAR is a truly compelling piece of technology that we believe is going to accelerate the autonomous driving development curve," said David Blau, VP of Corporate Strategy and Investments at Cox Enterprises, who will join the Ouster Board. "We are excited to back Angus, Mark, and the entire Ouster team as they are now positioned to be the first true competitor in what's largely been a one-player market to date."
Ouster's Series A funding will primarily be used for the manufacturing and continued development of its next sensor designs. The company anticipates manufacturing capacity in the tens of thousands of sensors in 2018 based on its current product design, and Ouster's product roadmap supports continually improving resolution, range, and alternative form factors. Additionally, the new capital will support the company's expansion from approximately 40 employees today to 100 employees by summer 2018.
"Ouster is poised to be a key enabler of the future of mobility," said Chris Thomas, a founder and partner of Fontinalis Partners. "We spent the past 12 months researching the broader perception space, with a specific focus on LiDAR, and feel strongly that Ouster's team, technical approach, and focus on manufacturing at volume positions them to capture a market leadership position today and power the autonomous systems of the future."