AEye, a US-based lidar system developer that counts several corporates among its investors, has amended its reverse transaction agreement with special purpose acquisition company CF Finance Acquisition Corp III.
The deal will now value AEye at $1.52bn pre-money, down from the $1.9bn valuation set when the deal was agreed in February this year. The merged business will take CF Finance Acquisition Corp III’s listing on the Nasdaq Capital Market.
Founded in 2013, AEye provides lidar systems for use in advanced driver-assistance systems and computer vision products.
The transaction will still be supported by a $225m private placement featuring GM Ventures, Intel Capital and Hella Ventures, respective subsidiaries of automotive manufacturer General Motors, semiconductor technology producer Intel and automotive components producer Hella.
Subaru-SBI Innovation Fund, a joint venture by carmaker Subaru and financial services provider SBI, is also participating in the private investment in public equity (PIPE) financing along with tire manufacturer Continental, Taiwania Capital and undisclosed others.
AEye had received an undisclosed amount from automotive component producer Aisin in mid-2019, following a $40m series B round the previous year featuring Subaru-SBI Innovation Fund, Hella Ventures and Intel Capital that took its total funding to over $60m.
Electronics manufacturer LG, chipmaker SK Hynix and Airbus Ventures, the investment arm of aerospace manufacturer Airbus, also took part in the 2018 round, as did Taiwania Capital, Kleiner Perkins Caufield & Byers, Tyche Partners and R7 Partners. AEye’s earlier investors include Trucks Venture Capital.
Image courtesy of AEye, Inc.
