Quanergy Systems, Inc., a global leader in the development and manufacture of LiDAR sensors and smart sensing solutions, today announced it has secured Series C funding at a valuation exceeding $2 billion, with a global top-tier fund as the lead investor. Raising the Series C financing takes the company well beyond its planning horizons to cash-flow and operating breakeven, and keeps the company’s IPO process on track. Demand for Quanergy’s solutions continues to be strong, with revenue increasing rapidly and bookings exceeding the forecast. Product and software development continues at a brisk pace. Substantial orders for the company’s S3 solid-state sensor were fulfilled this year. Rapid innovation continues to increase the field of view (FoV) and range for the S3 in outdoor environments.