Aeva, a Lidar and Autonomous Vehicle Start-Up, Goes Public
Lidar technology start-up Aeva (NYSE:AEVA) is now a publicly traded company after completing its merger with special purpose acquisition company (SPAC) InterPrivate Acquisition. The company doesn't have any meaningful sales yet, but has been signing deals with manufacturers to help it begin production of its hardware for the autonomous vehicle market. And it has even bigger ambitions down the road.
As a result of the merger, Aeva's gross cash proceeds total $560 million. It's going to need it as it continues to develop its lidar-on-a-chip technology, an industry first. Aeva thinks will be a real differentiator since it lowers power consumption and cost of production compared to existing lidar systems. Additionally, Aeva's tech enables the measurement of velocity, which it thinks will help it gain share of the nascent autonomous vehicle market and could bring lidar into the consumer electronics industry as well.
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Source Fool.com
