Arbe Robotics, the Israel-based imaging radar provider backed by media company Taya Media and automotive manufacturer BAIC, has agreed a reverse takeover with special purpose acquisition company Industrial Tech Acquisitions.
The deal will give Arbe a pro forma enterprise value of about $572m and a post-transaction equity value of approximately $722m. It will take the spot on the Nasdaq Capital Market secured by Industrial Tech Acquisitions in a $75m initial public offering in September 2020.
Investors including M&G Investment Management, Varana Capital, Texas Ventures and Eyal Waldman are providing $100m for the merged business through a private investment in public equity (PIPE) deal.
Founded in 2015, Arbe has developed radar chips that provide 4D ultra-high resolution imaging in real time for use in driver assistance systems produced by its carmaker and original equipment manufacturer partners.
The company had raised a total of $54m as of its $32m series B round in late 2019 that included BAIC’s corporate venturing unit, BAIC Capital, as well as AI Alliance, a joint venture for corporates SK Telecom, Hyundai, Element AI and Hanwha’s Asset Management subsidiary.
The 2019 round included Catalyst CEL in addition to Canaan Partners Israel, iAngels, 360 Capital Partners, OG Tech Ventures and OurCrowd, all of which had joined Taya Media subsidiary Taya Ventures in a $10m round the previous year.
