LeddarTech raises $140 million to develop autonomous driving technology
LeddarTech has raised investment of $140 million, which comprises a Series D first close of $116 million and debt facility of $24 million.
LeddarTech is a developer of advanced driver assistance systems (ADAS) and autonomous driving sensing technology.
FS Investors led the financing round with the participation of Investissement Québec, BDC Capital, Go Capital, certain funds managed by Fidelity Investments Canada ULC, Fonds de solidarité FTQ, Export Development Canada, ams Osram, Desjardins Capital, UI Investissement, Cowen Investment II LLC and other LeddarTech management.
The debt facility was secured with Desjardins Group.
This investment will accelerate the development and commercialization of LeddarTech solutions. In addition, LeddarTech will use the funds to augment engineering resources to meet the demands from global OEM and Tier 1-2 automotive customers actively engaged with the company for sensor fusion and perception sensing solutions.
Nick Stone, founder and partner of FS Investors, says: “Our decision to partner with LeddarTech began with our introduction to the corporate senior management team.
“Individually, the senior team possess decades of experience in the technology industry. In addition, many have worked with major global automotive and sensing technology companies.”
Stone adds: “An extensive due diligence process coupled with strong customer validation confirmed that LeddarTech’s unique solution is the best positioned in the market to unlock mass adoption of ADAS and AD by breaking typical software dependency on hardware in sensing.
“The LeddarTech solution, called LeddarVision, provides customers with the flexibility to quickly scale across vehicle models and deliver faster to market with greater performance at a lower cost.”
Charles Boulanger, CEO of LeddarTech says: “The success of this round is a testament to the growth and industry recognition LeddarTech has achieved. I am delighted to welcome FS Investors as our most recent investors, who bring vast experience and expertise in the deep tech sector.
“I was impressed by the quality and thoroughness of their due diligence and their exceptional understanding of the ADAS and AD (autonomous driving) market, which confirms the value of our unique software solution.
“Our team and I look forward to working with FS Investors, our other new investors and our existing partners to enable our customers to significantly deploy our reliable and cost-effective ADAS and AD solutions across their brands and markets.”
Cowen and Desjardins Capital Markets acted as co-advisors in this investment round.
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