Automotive lighting system producer Koito Manufacturing invested $50m in US-based lidar technology developer Cepton Technologies yesterday to lead a series C round of undisclosed size.
The corporate was joined by unnamed existing investors and Cepton said the round increased its overall funding to almost $100m. Although it has not revealed details of earlier funding, the company’s existing backers include investment fund GRC Sinogreen Fund.
Cepton has created lidar sensors that utilise what it refers to as micro motion technology, a technique that requires fewer mechanical components, allowing them to be produced in smaller units and integrated in, for example, a car’s headlights or wing mirrors.
The technology is designed for use in autonomous driving and advanced driver assistance systems in addition to smart traffic systems, industrial robotics and security and crowd analytics platforms.
Koito’s funding was supplied as part of a licensing agreement that will allow it to integrate Cepton’s lidar sensor design for use in automotive systems with its own components. Cepton will put the capital towards technology development.
Jun Pei, Cepton’s co-founder and chief executive, said: “With this latest investment round, the year 2020 is poised to be truly transformational for Cepton’s future, and we are excited to welcome Koito not just as an investor but also as a technology and manufacturing partner.
“Combining Koito’s world leadership in automotive lighting and their world-class quality, reliability and manufacturing with Cepton’s award-winning lidar solutions presents a tremendous opportunity to make deep inroads into the automotive market.”
Image courtesy of Cepton Technologies, Inc.
