- 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 the service’s inception (https://ibn.fm/eFcU0). Whilst Baidu’s milestone was remarkable, the foundations of its achievement lay several years in the past when the company opted to equip its autonomous driving vehicle fleet with lidar sensors, thereby enabling its cars to reliably navigate roadways in real time whilst simultaneously detecting objects, vehicles and people that posed a potential collision threat (https://ibn.fm/BIOBj). From powering autonomous vehicles across Beijing to controlling traffic volume in South Africa, lidar technology has proven itself as a robust, versatile 3D perception tool with a plethora of use cases (https://ibn.fm/rYug1).
In support of these types of innovations, U.S. Rep. Bob Latta, R-Ohio, introduced the SELF – DRIVE act, a bill aimed at forming a federal regulatory framework designed to spur the development of autonomous vehicles in the U.S. The successful passing of this bill has been heralded by the U.S. Chamber of Commerce as a key step towards furthering the development of self-driving cars and ultimately, lidar technology within the nation (https://ibn.fm/eC8Ek).
Outside of the highly publicized and buzzing autonomous vehicle market, smart infrastructure presents a strong use case for lidar sensors. In fact, a recent market study forecasts the total addressable market for lidar technology within smart infrastructure (e.g., crowd analytics, perimeter security, road traffic management, electronic tolling, etc.) to rise from $1.5 billion in 2025 to $14 billion by 2030 (https://ibn.fm/hQUOI). A key use case for lidar has been within traffic intersection management solutions, which carry the capabilities to store data on accidents to help the municipality understand the traffic situation. In addition to providing reports to help build better models of simulated traffic scenarios for the development of AVs (https://ibn.fm/KGPBW). The deployment of lidar technology has enabled city planners to simultaneously gain perspectives on additional road users such as pedestrians, cyclists, and scooters, which has been critical to their ability in developing strategies around resolving traffic flow patterns and safety issues going forward. Cepton lidars has also partnered with surveillance managements, providing anonymized data by eliminating concerns around personal identifiable information as many patrons might object to being monitored (https://ibn.fm/h4vME).
Cepton, a Silicon Valley innovator and pioneer within high-performance lidar solutions, has rapidly emerged as a leader amongst its peers – deploying its unique capabilities across a host of different environments, ranging from traffic systems in Cape Town, South Africa to airport terminal monitoring in the U.S.
For more information, visit the company’s website at 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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