Cepton, Inc. (NASDAQ: CPTN) Receives Letter of Intent for Up to $100 Million Investment from Strategic Investor; Lidar Technology’s Total Addressable Market Projected to Expand Exponentially
Sep 26, 2022
- Cepton received a letter of intent from Koito for an investment of up to $100 million to help fund Cepton’s next stage of growth as it scales for mass market deployment
- Lidar technology within urban settings is becoming increasingly ubiquitous across automotive (i.e., assisted driving & autonomous vehicles) and smart infrastructure
- Since being the recipient of the largest known ADAS contract from an automotive manufacturer within the lidar space, Cepton maintains a major frontrunner
Cepton’s (NASDAQ: CPTN) long-term automotive Tier 1 partner, Koito Manufacturing Co., Ltd. recently revealed that it had provided Cepton with a Letter of Intent representing an investment of up to $100 million to help fund Cepton’s next stage of growth as it seeks to scale its lidar solutions for mass deployment (https://ibn.fm/2nIDH). This investment would bolster Cepton’s balance sheet and allow the company to develop the manufacturing and supply chain capabilities it needs to meet the expected demand from the rapidly expanding lidar market.
Lidar technology has become increasingly ubiquitous, particularly within urban settings. For example, Chinese tech giant Baidu recently revealed that its autonomous vehicle-powered ride-hailing service had successfully processed its one millionth ride, a remarkable feat achieved only twenty-four months post…
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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