LeddarTech Accelerates Momentum with $US 23.7 Million in Bridge Financing
Latest financing to support LeddarTech's accelerated growth and development efforts for its proprietary solutions based on its unique automotive LiDAR development platform, which is rapidly gaining traction with Tier-1 suppliers
QUEBEC CITY, Dec. 04, 2018 (GLOBE NEWSWIRE) -- LeddarTech, an industry leader providing the most versatile and scalable automotive LiDAR development platform, announces the successful closing of a $US 23.7 million ($CDN 31.4 million) bridge. These funds will enable the company to continue the expansion of its research and development teams to accelerate the introduction of its automotive LiDAR development platform.
The financing consists of a revolving loan from Desjardins Group, one of the leading Canadian financial cooperatives, as well as a convertible note from existing shareholders, led by Desjardins-Innovatech, S.E.C.
"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," stated Charles Boulanger, CEO of LeddarTech. He added, "The company is also considering additional opportunities for H1 2019 to further scale-up operations and accelerate our go-to-market strategy."
"We are experiencing strong traction for our LiDAR development platform, with six tier-1 vendors actively developing automotive-grade LiDAR solutions based on the Leddar Engine and LeddarCore systems-on-chip, as well as strong interest from many other prospective strategic partners with whom we are currently discussing potential collaborations. This new investment will enable us to enhance the organization at all levels to meet market demand and support these new customers," stated Frantz Saintellemy, president and COO, LeddarTech.
LeddarTech is an industry leader providing the most versatile and scalable automotive LiDAR development platform based on the unique LeddarEngine, which consists of a suite of automotive-grade, functional safety certified SoCs working in tandem with LeddarSP signal processing software. The company is responsible for several innovations in cutting-edge mobility remote-sensing applications, its patented technologies enhancing ADAS and autonomous driving capabilities for automobiles, trucks, buses, delivery vehicles, robotaxis, shuttles, and more. Additional information about LeddarTech is accessible at www.LeddarTech.com, and on LinkedIn, Twitter, Facebook and YouTube.
LeddarTech, Leddar, LeddarEngine, LeddarSP, and LeddarTech logos are trademarks or registered trademarks of LeddarTech Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.