Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has received a nonbinding letter of intent (“LOI”) outlining a planned investment of up to $100 million. Dated Aug. 29, 2022, the LOI is from Koito Manufacturing Co., Ltd., a long-term automotive tier-1 partner and current shareholder; this marks Koito’s third investment in Cepton since 2020. According to the announcement, proceeds from the proposed investment from Koito, which will be in the form of convertible nonvoting preferred stock, will fund Cepton’s next stage of growth as it scales its lidar solutions for mass deployment. The investment is designed to help strengthen Cepton’s financial position and solidify Koito’s commitment in lidar as a crucial component in both automotive and nonautomotive applications, noted Koito president Michiaki Kato. The two companies have been working together for five years, a partnership that has resulted in the industry’s largest known ADAS lidar series production award. “I am extremely grateful for Koito’s ongoing support as a key strategic investor and technology and manufacturing partner, and am excited to have the opportunity to explore Koito’s proposed investment,” said Cepton Technologies cofounder and CEO Dr. Jun Pei in the press release. “From receiving our ADAS series production design win to becoming a publicly traded company, Koito has been with us throughout our journey, and I look forward to achieving many more milestones together in the years to come.”
To view the full press release, visit https://ibn.fm/cPgj0
About Cepton Technologies Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. Cepton has been awarded the largest-known ADAS lidar series production award in the industry to date, based on the number of vehicle models awarded. Cepton is also engaged with all other top-10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about the company, visit www.Cepton.com.
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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