AEye, a US-based developer of autonomous vehicle vision systems backed by seven corporates, yesterday agreed to a reverse merger with special purpose acquisition company CF Finance Acquisition Corp III.
Existing backers financial services provider SBI Holdings, chipmaker Intel and automotive parts supplier Hella participated in a $225m private investment in public equity through respective vehicles Subaru-SBI Innovation Fund, Intel Capital and Hella Ventures.
They were joined by GM Ventures, the corporate venture capital arm of carmaker General Motors, venture capital firm Taiwania Capital and a range of undisclosed investors.
The financing will be combined with $230m already held by CF Finance’s trust account, and the transaction values AEye at $2bn. Upon the deal’s closure, the combined company will be known as AEye Holdings and will trade on Nasdaq.
The merger remains subject to customary closing conditions and is expected to conclude in the second quarter of the year. AEye’s shareholders will retain all of their equity.
AEye is working on a lidar system to enable autonomous driving. Proceeds from the merger will accelerate commercialisation across several markets.
Electronic components manufacturer Aisin invested an undisclosed amount in AEye in 2019 through a corporate venturing fund managed by Pegasus Tech Ventures. It followed $60m in overall earlier financing.
AEye obtained $40m in a series B round in 2018 that included Subaru-SBI Innovation Fund, Hella Ventures and Intel Capital, as well as electronics provider LG, chipmaker SK Hynix and Airbus Ventures, the investment arm of aerospace manufacturer Airbus.
Taiwania Capital, Kleiner Perkins, Tyche Partners and R7 Partners also took part in the series B round, as did an unnamed automotive manufacturer.
Intel Capital, Airbus Ventures, Tyche Partners, R7 Partners, Kleiner Perkins and Trucks Venture Capital all backed a $16m series A round in 2016.
