Warm congratulations to Seyond on its successful Hong Kong IPO. Gaorong Ventures led the company's angel round.

On December 10, 2025, Seyond (stock code: 02665.HK), a global provider of image-grade lidar solutions, officially listed on the Main Board of the Hong Kong Stock Exchange via a De-SPAC transaction. The company raised approximately HK$1.027 billion in total, with a market capitalization exceeding HK$14.6 billion as of 09:40.

Seyond's successful debut on the Hong Kong exchange not only reflects capital markets' strong confidence in the growth potential of the lidar sector, but also validates the company's leading technical capabilities, mature commercialization track record, and robust ecosystem integration. In his listing ceremony remarks, Seyond founder, Chairman, and CEO Junwei Bao stated: "In creating the future, lidar is not an 'optional' technology — it is 'essential.' Its importance and growth trajectory will exceed everyone's imagination."

Founded in 2016 by CEO Dr. Junwei Bao and CTO Dr. Yimin Li, Gaorong Ventures led Seyond's angel round in 2016 and participated in its subsequent Series A financing. Seyond is also the seventh Gaorong portfolio company to successfully list on the Hong Kong Stock Exchange in 2025.

Reflecting on the early-stage investment, Gaorong Ventures founding partner Bin Yue noted: "Seyond's founder Junwei Bao is an entrepreneur who understands both autonomous driving and precision optics. He previously founded an optical measurement equipment company whose technology became the gold standard in the semiconductor industry, and later joined Baidu's autonomous driving division. Gaorong connected with him early on, and chose to invest immediately when he decided to start his own company."

A Lidar Leader, First to Achieve Mass Production Across Dual Technology Paths

In recent years, Seyond has gradually established a comprehensive R&D, production, and supply chain system in China. To date, the company operates R&D centers in Silicon Valley, Suzhou, and Shanghai, alongside highly industrialized automotive-grade lidar manufacturing facilities in Suzhou, Deqing, and Pinghu — laying a solid foundation for large-scale product delivery.

Through technological breakthroughs and manufacturing capabilities, Seyond has achieved multiple industry-leading milestones. According to CIC Consulting data, Seyond is the world's first supplier to achieve mass production of automotive-grade high-performance lidar solutions, ranking second globally in cumulative ADAS (Advanced Driver Assistance Systems) lidar solution revenue between 2022 and 2024.

Seyond is the first company globally to achieve scaled mass production of the 1550nm high-performance technology path, while also possessing scaled mass production capability for the 905nm high cost-performance path — building a complete product matrix spanning from premium to mainstream markets. Its "Falcon" series based on the 1550nm platform, with over 600,000 units delivered at scale, has fully validated its high performance and reliability in real-world scenarios, establishing first-mover advantage for the scaled deployment of L3 and above advanced intelligent driving.

Products Entering Positive Profitability Cycle, with Firm Diversification Strategy

Financially, Seyond's revenue has grown steadily while profitability continues to improve. From 2022 to 2024, total revenue increased from $66.3 million to $159 million, representing a compound annual growth rate of 55.1%. The company achieved a 12.9% gross margin in the first five months of 2025, marking Seyond's entry into a positive profitability cycle for its products.

Behind this performance growth lies Seyond's diversification strategy. According to its latest prospectus, the company delivered approximately 181,000 automotive-grade lidar units in the first nine months of 2025, up 7.7% year-over-year. Beyond continued growth in "Falcon" series sales, the "Robin" series has also rapidly ramped up volume. Robin sales reached 11,228 units in the first five months of 2025, nearly matching the 11,589 units sold throughout all of 2024 — confirming the effectiveness of the product matrix expansion.

Seyond's diversified product portfolio: Falcon, Robin, and Hummingbird series

While deepening its strategic partnership with NIO, Seyond has achieved critical breakthroughs in customer diversification. The prospectus shows the company has secured design wins from fourteen OEMs and ADAS/ADS (Advanced Driver Assistance Systems/Autonomous Driving Systems) companies, with these new wins expected to begin contributing revenue from late 2025 onward, bringing fresh growth momentum.

Automotive-Grade Market Remains Robust, Expanding Second Growth Curve

According to CIC Consulting data, the global lidar solutions market is projected to grow from $3.5 billion in 2025 to $41.3 billion in 2030, representing a 63.7% compound annual growth rate. The ADAS application market specifically is expected to expand from $1.9 billion in 2025 to $19.7 billion in 2030, a 59.8% CAGR. Industry observers note this is primarily driven by rapid penetration of L2+ and above ADAS systems, with China — as the world's largest automotive market — seeing even more significant growth in automotive-grade lidar penetration, with market size growth expected to outpace the global average.

In the automotive-grade market, Seyond's mass production experience in 1550nm lidar and semi-solid-state scanning architecture support its continued leadership in long-range scenarios. Meanwhile, its "Robin" series positioning in mid-range scenarios covers broader customer needs, forming a "long-range + mid-range" product portfolio advantage.

Seyond's diversified scenario deployments

Furthermore, Seyond has expanded its product applications from passenger vehicles to commercial vehicles, robotics, autonomous delivery, smart cities, smart highways, and smart rail transit. The company has secured large-scale orders from industry leaders including DeepWay, Shaanxi Heavy Duty Truck, Inceptio Technology, and JiuShi Intelligent — demonstrating its readiness for a second growth curve.

Extreme 3D Perception Technology, Powering Physical World AI

In his listing ceremony remarks, Junwei Bao stated that ubiquitous, always-available spatial information will constitute the fundamental elements of physical world AI. The deployment of embodied intelligence, smart transportation, industrial automation, and other physical world AI applications will open up even broader market opportunities for Seyond.

In 2014, Gaorong began exploring applications of artificial intelligence across different fields, including autonomous driving, firmly believing that autonomous driving would profoundly transform people's lives. In this direction, Gaorong Ventures has invested in and built positions in outstanding companies including Seyond (02665.HK), Nuro, Momenta, Neolix, and Innoviz (NASDAQ: INVZ).

Left: Seyond founder, Chairman, and CEO Junwei Bao; Right: Gaorong Ventures founding partner Bin Yue

Bin Yue expressed: "Warm congratulations to Seyond on its successful listing on the Hong Kong Stock Exchange! When Gaorong made its initial investment in Seyond in 2016, the intelligent driving industry was still in a very early stage; today, intelligent driving has become fully integrated into our daily lives, and lidar has emerged as a critical sensor for advanced autonomous driving. We are delighted to have accompanied the Seyond team through numerous challenges in transforming the original technical vision into reality. Today Seyond has made excellent progress across product matrix, mass production experience, and commercial scenario expansion. We wish the company, at this new starting point, will use extreme 3D perception technology to efficiently connect the digital world with intelligent, convenient living."