- Six LiDAR companies have gone public since 2020, raising $3.6+ billion as investors look for exposure to autonomous vehicles market
- Cepton is merging with Growth Capital Acquisition Corp GCAC in the coming weeks in a deal valuing Cepton at $1.55 billion, with $231 million in pro forma cash on its balance sheet
- Cepton has worked with the world’s biggest automotive OEMs, including General Motors and Ford, and garnered a $50 million investment for Japan’s Koito Manufacturing
As the race to fully autonomous vehicles (“AVs”) heats up, one particularly important pocket of the AV and advanced driver assistance systems (“ADAS”) markets is gaining momentum right along with it: LiDAR. LiDAR (short for “light detection and ranging”), developed for space applications and hyped for its potential in automotive applications, is moving beyond speculation and into revenue-generating reality. Investors are on board, with six LiDAR companies coming to market via special purpose acquisition companies (“SPACs”) since 2020, raising over $3.6 billion in the process, and another, Cepton, Inc., is dialed-in to go public on or about February 10th through a merger with the Growth Capital Acquisition (NASDAQ: GCAC) SPAC.
LiDAR technology uses infrared laser beams to generate a three-dimensional map of the road and surrounding environment, serving, in a manner of speaking, as the eyes of an AV or ADAS. LiDAR is remarkably adept at detecting objects and measuring their distance from…
NOTE TO INVESTORS: The latest news and updates relating to GCAC are available in the company’s newsroom at https://ibn.fm/GCAC
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