Palo Alto – October, 2022 – Woodside Capital Partners acted as financial advisor to Outsight, leader in the development of LiDAR-based 3D Software solutions, on raising a total of €22 million in a round that was co-led by Energy Innovation Capital (EIC) and the Defense Innovation Fund managed by Bpifrance, alongside Groupe ADP and historical investors BNP Paribas, SPDG, Demeter, Safran, and Faurecia.
The funding underscores the growing significance of software integration in the quickly developing field of LiDAR beyond self-driving cars. It is also a resounding endorsement of Outsight’s industry-leading work in deploying 3D Software Solutions across a number of industries, including Smart Cities, Aviation, Robotics, Industry and Logistics.
The largest airport LiDAR-based solution, successfully tested in Paris-Charles de Gaulle (ADP Group), is just one among dozens of new customers Outsight has deployed solutions for and supported in recent months. The software solutions of the company have also been widely embraced in a number of other markets throughout Europe, the United States, Asia and the Middle East.
Accelerating a steady growth trajectory
This new round of funding is intended to further support the company’s expansion, its ambitious product roadmap including Edge and Cloud Processing, and to strengthen its strategic position as the leading Software Pure Player.
The company has customers in many different markets and contexts:
– In the Automotive and Smart Vehicles market, Stellantis is using Outsight technology to process massive amounts of 3D LiDAR data. Other similar customers are active in Commercial and Industrial vehicles, not only for full automation but also vehicle safety.
– In the Smart Infrastructure market, Groupe ADP is a good example for airports’ people flow monitoring. Outsight is also very active in other applications like Smart Cities (Vulnerable road users detection, Highway monitoring, Parking) and Security.
– Another important family of applications is mobile robotics, with customers like ECA Group. Robotics’ customers of Outsight use LiDAR technology for several cases including Explosive Ordnance Disposal, Industrial Autonomous Mobile Robots and remote operation.
– Industrial Applications include Volume Measurement, with customers like Dunakontroll, that combine LiDAR with their own moisture sensing solution thanks to Outsight. Other customers use Outsight’s software in warehouse stock assessment, agriculture and forestry management contexts.
According to Nishant Jadhav, Managing Director from Woodside Capital Partners, “Outsight’s successful capital raise in the wake of challenging economic conditions is a testament of their software’s potential in an erstwhile hardware dominated Lidar sector. Outsight’s software accelerates the future of image sensing and enables new use cases beyond just 3D vision and vendor lock-in. You can sense this future unfurling where Outsight is deployed in many different markets, and they’re just getting started.”
According to Raul Bravo, President & Cofounder of Outsight, “LiDAR is emancipating from its roots in self-driving car R&D to become the solution of choice in large-scale applications in mature markets, thanks to the new category of enabling software that we have created”.
Adrien Muller, Principal at Bpifrance states: “After supporting Outsight’s early stages of development through our innovation funding, we are delighted to support this new stage of growth by acquiring a stake in the company. Our investment reflects our collective ambition to widely disseminate the benefits of LiDAR technologies thanks to Outsight’s unique software-based approach which simplifies their use and reduces their deployment costs.”
“The opportunity for 3D spatial intelligence and autonomy, beyond autonomous vehicles, is massive and untapped.” said Christopher Smith, Managing Director, Energy Innovation Capital. “Outsight’s technically elegant solution unlocks the power of LiDAR for mass adoption by solving the complex, raw data problem and providing valuable insights across a broad range of applications. We are very excited to partner with the Outsight team to accelerate expansion in the US and global markets.”
According to Edward Arkwright, Deputy CEO of Groupe ADP, “Outsight’s development ambitions are in line with our strategy of increasing integration of LiDAR to improve our airport operations, as part of our smart airport ambition. By supporting Outsight in this funding round, we have a key alliance to innovate together around the deployment of LiDAR technology, which is extremely promising, both in Paris and internationally in our network of airports.”
Outsight develops real-time 3D LiDAR perception solutions. Our mission is to make LiDAR-based Spatial Intelligence become plug-and-play so it can be used by application developers and integrators in any market. Using any LiDAR with our Software processing capabilities allows Smart Machines and Smart Cities to achieve an unprecedented level of situational awareness. We believe that accelerating the adoption of LiDAR technology with easy-to-use and scalable software will highly contribute to creating transformative solutions that will make a smarter and safer world. To learn more: https://www.outsight.ai/
About Bpifrance and the Defense Innovation Fund
Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…). For more information, please visit: https://www.bpifrance.com
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC’s team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
About Groupe ADP
Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2021, the group handled through its brand Paris Aéroport more than 41.9 million passengers and 2.1 million metric tons of freight and mail at Paris-Charles de Gaulle and Paris-Orly, and more than 118.1 million passengers in airports abroad.
Boasting an exceptional geographic location and a major catchment area, the Group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading quality of services; the group also intends to develop its retail and real estate businesses. In 2021, group revenue stood at €2,777 million and net income at -€248 million. To learn more, visit www.groupe-adp.com.
Demeter is a major European player in venture capital, private equity and infrastructure for the energy and ecological transition. Its funds invest from €1m to €30m to support companies in the sector at all stages of their development, innovative start-ups, small and mid-cap companies, as well as infrastructure projects. The Demeter team counts 37 people based in Paris, Lyon, Bordeaux, Grenoble, Madrid, and Düsseldorf, manages €1.2bn and has completed 200 investments over 17 years. www.demeter-im.com