Quanergy Systems, Inc. (Quanergy) designs, develops and produces Light Detection and Ranging (LiDAR) sensors and focuses on three dimensional (3D) sensing that delivers intelligent real-time 3D object detection and classification solutions.
The company’s LiDAR and 3D perception software solutions are designed to provide visualization and automation of applications in a range of industries. It focuses on two broad market categories, such as automotive and Internet of Things (IoT). IoT refers to...
Quanergy Systems, Inc. (Quanergy) designs, develops and produces Light Detection and Ranging (LiDAR) sensors and focuses on three dimensional (3D) sensing that delivers intelligent real-time 3D object detection and classification solutions.
The company’s LiDAR and 3D perception software solutions are designed to provide visualization and automation of applications in a range of industries. It focuses on two broad market categories, such as automotive and Internet of Things (IoT). IoT refers to a network of physical objects that are embedded with sensors, software and communications capabilities for the purpose of connecting and exchanging data with other devices and systems over the Internet. Its IoT-related markets of focus include mapping, security, smart cities and industrial automation. These applications operate in real-time and have high-value, mission-critical characteristics. Within the automotive market, the company focuses primarily on the opportunity to automate high volume passenger vehicles, but it also includes within this category the automation of robo-taxis, shuttles, trucks and off-road vehicles.
The company also offers a portfolio of solutions designed to address the needs of IoT applications, including its M Series LiDAR sensors and its QORTEX 3D perception software platform. Its M Series of sensors utilize a traditional mechanical scanning design to deliver a 360 degree field of view required for many IoT applications.
The company’s QORTEX platform is designed to enable accurate 3D object detection, tracking and classification, fusing of LiDAR data with other sensing technologies and integrations with third-party systems and business applications. Moreover, it offers QORTEX Aware, an embedded software application that enables collision avoidance and object detection along with M1 Edge. The company also completed the development of QORTEX Insights, a suite of complementary software analytics and dashboards.
The company had sold its products to approximately 400 customers as of December 31, 2021. Its IoT solutions are sold globally through a network of channel partners, including value added resellers (VARs), systems integrators (Sis), distributors and strategic partners. In the smart cities sector, the company partners with Cisco Systems, Inc., among others. In the security sector, it partners with Genetec Inc. and Milestone Systems A/S, among others. The company’s engagement with automotive original equipment manufacturers’ (OEMs) and tier one suppliers is done directly and through its partnership with Sensata Technologies Holdings plc (Sensata), one of its investors. The company has also received investments from other automotive and IoT industry leaders, including Aptiv PLC; Daimler AG; Enterprise Holdings, Inc.; and Samsung Electronics Co., Ltd.
Technology Platform
The company’s solution is based on the following primary technologies:
Solid State LiDAR Based on Optical Phased Array Technology: The company’s solid state LiDAR comprises emitters and detectors that are fully solid-state and can be mass produced, leveraging mature complementary metal oxide semiconductor (CMOS) semiconductor process technologies. Its solid state LiDAR includes a silicon-based optical phased array (OPA) and control chip for the emitter, a single photon avalanche diode (SPAD) array and a custom readout integrated circuit for the detector. All of the company’s semiconductor devices are custom designed by its in-house development team. The company’s OPA is an optical version of a phased array that is often used in radar systems. The phased array in its OPA has an array of antenna elements that emit near infrared electromagnetic waves. By controlling the phase of the electromagnetic waves from each antenna element, specific interference patterns, or beam forms, can be generated.
Mechanical LiDAR Technology: The company’s mechanical sensor employs a high speed transceiver module coupled with a high efficiency data and power transfer design and a rotary mechanism for 360 degree horizontal coverage, enabling a high density 3D point cloud to support a range of smart sensing applications. Unlike many legacy mechanical LiDARs, its solution is airtight and IP69k rated. To attain the international IP69k rating, the company’s mechanical sensors must withstand high temperatures, high pressure wash and dusty environments.
QORTEX 3D Perception Software: QORTEX is the company’s core proprietary perception software platform compatible with its suite of LiDAR sensors and a product of more than seven years of development. The flexible, scalable platform uses computer vision technology and 3D perception algorithms to enable smart awareness of the 3D world to identify, track and classify people and vehicles in real-time in security and smart cities applications.
Solutions
The company offers a portfolio of solutions that includes both LiDAR sensors and a 3D perception software platform. Its LiDAR product lines include the S Series of solid state sensors that leverage its patented OPA architecture and the M Series of mechanical sensors. Its solid state sensors are designed to deliver flexible performance with electronic beam steering, with ultra-high reliability given the absence of moving parts and a pathway to ultra-low cost given its 100% CMOS-based design. The S Series is available in a two-beam configuration (the S3-2, for security and smart cities applications) and a multi-beam version (the S3-X, designed for the automotive and industrial markets, currently under development). Its mechanical sensors offer the price, performance and 360 degree field of view that are required for IoT markets, such as mapping, security, smart cities and industrial automation. The company’s QORTEX 3D perception software platform operates in concert with its LiDAR sensors, enabling real-time analysis for people counting, object detection classification and tracking and collision avoidance, leveraging advanced 3D algorithms. QORTEX is designed in a modular fashion, with a core set of common capabilities as a foundation, along with application specific modules, including an analytics suite called QORTEX Insights and a zoning and collision avoidance application called QORTEX Aware. Taken together, the company’s LiDAR sensors function as ‘the eyes’ of its portfolio, while QORTEX functions as ‘the brains’, creating an environmental model that allows its customers to interpret the visual world, generate mission-critical insights and determine the appropriate next action to take in an automated and real-time manner.
The company’s S Series of LiDAR sensors, based on its 100% CMOS OPA technology, includes the following products:
S3-2: The S3-2 is a two beam solid state LiDAR designed for people counting and access control applications in the security and smart cities markets. The S3-2 embeds the company’s QORTEX People Counter software onboard the sensor to enable edge processing. Up to eight S2-2 sensors can be aggregated leveraging its SensorFusion technology. The S3-2 is available in two narrow field of view (50 degrees) models—one for indoor and one for outdoor—and a wide field of view (100 degree) model for both indoor and outdoor use.
S3-X: S3-X refers to a series of multi-beam, solid state sensors currently under development, tailored for the automotive and industrial automation markets. Like all of the company’s solid state sensors, its S3-X sensors will be capable of electronic beam steering, with no moving parts at either the macro or micro scale.
The company’s M Series of LiDAR sensors includes the following products:
M8: The M8 is the company’s flagship mechanical sensor, offering a 360 degree field of view, long measurement range, high accuracy and fine resolution to address challenging sensing requirements. The M8 is available in four versions—M8-Core, M8-Plus and M8-Ultra, offering 35 meters, 50 meters and 70 meters of detection range, respectively, and M8-PoE+, offering 50 meters of range and power over Ethernet capabilities.
M1 Edge: The M1 Edge is a 2D LiDAR sensor with integrated edge computing running the QORTEX Aware software for zone detection and collision avoidance, along with digital I/O for stand-alone operations. The M1 Edge offers range and accuracy to allow for smarter navigation in warehouses, factories and other industrial facilities both indoors and outdoors utilizing natural features and/or retro-reflective tags. The M1 Edge is available in three versions—M1 Edge-Core, M1 Edge-Plus and M1 Edge -Ultra, offering 35 meters, 50 meters and 70 meters of detection range, respectively.
MQ-8: The MQ-8 is designed specifically to support flow management applications that require accurate, high-volume people and vehicle tracking. The MQ-8 delivers range, capable of tracking and classifying over 300 people and vehicles with 95% accuracy at up to 70 meters of range. The MQ-8 is available in two versions—MQ-8PoE Plus and MQ-8PoE Ultra, offering 50 meters and 70 meters of detection range, respectively, with support for power over Ethernet.
M8-Prime: Designed for industrial automation and mapping applications, the M8-Prime provides leading angular resolution of 0.033-0.132 degrees, captures 432,000 points per second of data and offers rugged performance and reliability. The M8-Prime is available in three versions—M8-Prime Core, M8-Prime Plus and M8-Prime Ultra, offering 35 meters, 50 meters and 70 meters of detection range, respectively.
The company’s QORTEX 3D perception platform includes the following products:
QORTEX DTC: QORTEX DTC (detect, track and classify) is a central element of the company’s Flow Management Platform, enabling real-time tracking of people and vehicles for security and smart cities applications. The platform uses 3D perception algorithms to scan the visual field of view, analyze point cloud data and provide anonymized information on detected objects. QORTEX DTC generates a data set that includes location, direction, speed and type of objects detected. By leveraging a flexible application programming interface (API) its customers, channel partners and application developers can build analytics and business intelligence tools on top of QORTEX DTC.
QORTEX MXP: QORTEX MXP is a software plug-in that enables the interoperability of QORTEX DTC with Milestone’s video management software system. The plug-in triggers events and alerts for perimeter security applications and also provides occupancy statistics for security and smart cities applications.
QORTEX People Counter: The company’s QORTEX People Counter solution combines its QORTEX perception software with its S3-2 solid state LiDAR sensor. This integrated solution incorporates 3D perception algorithms to scan the sensor’s field of view, analyze the LiDAR point cloud and provide anonymized data on detected persons in real-time. Its QORTEX People Counter application is designed to achieve 98% detection accuracy under a range of traffic patterns and lighting conditions.
QORTEX Insights: Quanergy Insights, scheduled for commercial release in 2022, is an analytics dashboard that provides real-time and historical occupancy analytics based on data gathered by the company’s QORTEX People Counter solution. By combining its S3-2 LiDAR sensors with QORTEX People Counter and QORTEX Insights, users have a complete end to end occupancy analytics solution that can be used in smart cities applications to determine occupancy in offices, conference rooms and retail stores. QORTEX Insights uses widgets in a web browser to visually represent this data and supports data exports to support additional external analysis.
QORTEX Aware: The company’s QORTEX Aware software solution enables the creation of zoned areas of interest using its LiDAR sensors. In a stationary situation, when a defined zone has been breached, QORTEX Aware is capable of sending a signal to the end-user system to enable the next best action to be taken. On a mobile platform, such as an automated guided vehicle, these defined zones can be used for object detection and as part of a reliable collision prevention system as the automated guided vehicle navigates within its environment.
Customers and Partners
Within its IoT markets, the company has sold approximately 6,500 sensors to-date to approximately 400 customers. Its channel and strategic partners in its IoT market include:
Mapping: Fagerman Technologies Inc. (dba LiDARUSA) and GeoCue Corporation;
Security: QuantumIT and Securitas AB;
Smart Cities: Cisco Systems, Inc., Skyfii, Digital Mortar and PARIFEX; and
Industrial Automation: Vecna Robotics, Inc.
In the automotive market, the company maintains direct relationships with prospective OEM and tier one supplier customers. As it further refines its S3-X suite of sensors, the company plans to engage with these and other prospective customers to provide its S3-X versions for evaluation.
In June 2021, the company announced a new strategic collaboration with Sensata focused on helping it bring affordable LiDAR and 3D perception technologies to market. Sensata is also an investor in Quanergy.
The company has received historical equity investments from other automotive participants, including Aptiv PLC; Daimler AG; Enterprise Holdings, Inc.; and Samsung Electronics Co., Ltd.
Growth Strategy
The key elements of the company's strategy include to leverage and expand channels; disrupt existing markets; enter new verticals; capture IoT market share; pursue automotive design wins; and selectively pursue strategic acquisitions.
Sales and Marketing
The company sells its solutions globally through multiple channels to maximize its access to prospective customers. Its sales force is responsible for managing its sales pipeline, engaging with its channel partners and strategic partners and providing technical consultation throughout the customer sales cycle. The company’s channel partners include VARs, distributors and SIs. VARs resell its products to end users and also provide product support. Distributors supply VARs and SIs with its products. SIs typically build systems for end users by integrating products from multiple vendors. As of December 31, 2021, the company had a network of over 50 authorized channel and strategic partners.
Research and Development
The company’s research and development expenses were $17.0 million for the year ended December 31, 2021.
Intellectual Property
As of March 31, 2022, the company had 28 issued patents and two pending patent applications. Its issued patents begin expiring in 2034. Approximately 80% of its issued and pending patents relate to its proprietary optical phased array (OPA) architecture and related firmware and software.
Government Regulation
As a LiDAR technology company, the company is subject to the Electronic Product Radiation Control Provisions of the Federal Food, Drug, and Cosmetic Act. These requirements are enforced by the U.S. Food and Drug Administration (FDA).
The company’s products are also subject to the U.S. and foreign trade and customs product classifications, including the U.S. Export Administration Regulations, the U.S. Customs regulations and various economic and trade sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Controls. Similarly, it is also subject to sourcing regulations, such as the requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the EU Conflict Minerals Regulation 2017/821, which will require it to carefully monitor its supply chain.
The company is subject to the requirements of the federal Occupational Safety and Health Act, as amended, and comparable state laws that protect and regulate employee health and safety.
Competition
The market for LiDAR and 3D perception solutions is highly competitive, rapidly evolving and at an early stage of development. Within this market, the company faces competition from focused providers of advanced LiDAR solutions, including Aeva Technologies, Inc.; AEye, Inc.; Innoviz Technologies Ltd.; LeddarTech Inc.; Luminar Technologies, Inc.; Ouster, Inc.; Sense Photonics, Inc.; and Velodyne Lidar, Inc. It also faces competition from established providers of LiDAR products designed for industrial markets, including SICK AG and Hokuyo Automatic Co., Ltd.
History
The company was founded in 2012.
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