LeddarTech borrows $23 million for lidar R&D

LeddarTech borrows $23 million for lidar R&D

Business news |
By Christoph Hammerschmidt

The company’s lidar technology, which is based on LED light emitted in very short pulses up to 100,000 times per second and capturing the backscatter, is gaining traction with tier-one automotive suppliers rapidly, LeddarTech said.

The bridge finance is expected to be repaid from sales at some point in the future. The financing consists of a revolving loan from Desjardins Group and a convertible note from existing shareholders.

“This financing from both our strategic and financial investors, as well as the continuous support from our banking partners in our growth, is a testament to the continued confidence they have in LeddarTech,” said Charles Boulanger, CEO of LeddarTech, in a statement. He added, “The company is also considering additional opportunities for 1H19 to further scale-up operations and accelerate our go-to-market strategy.”

LeddarTech said it has six tier-one vendors actively developing automotive lidars based on the LeddarEngine and LeddarCore systems-on-chip. Osram, Magneti Marelli and Delphi all invested in LeddarTech’s Series C round of investment in 2017.

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