Apple tablets and smartphones of certain models have recently received a so-called lidar – an optical sensor that allows you to determine the distance to objects with high accuracy using laser radiation in the infrared spectrum. Founded by the Apple people, Aeva is poised to develop a lidar suitable for automotive applications.

Bloomberg explains that¬†Aeva is combining partnerships with major automakers and a takeover deal with a public company to raise the necessary funding for its operations. Hong Kong investment fund Sylebra Capital Management will invest about $ 200 million in Aeva, and the acquisition of InterPrivate Acquisition Corp. will increase the investment amount to $ 563 million. The current capitalization of Aeva is estimated at approximately $ 3 billion. After the merger, the investment fund Sylebra will retain about 7% of Aeva’s shares.

InPrivate shares were up 14% on the news to $ 15.84. The deal between the companies was announced at the beginning of November; since then, the shares of the public participation in the deal have risen in price by 60%. The deal is expected to close in the first quarter of this year and pave the way for Aeva to enter the stock market. Over the past few months, this is the fourth time a lidar developer has entered the market through a public company’s takeover.

According to company representatives, the lidars, developed by Aeva, are compact enough for use in both cars and mobile devices, as well as medical equipment. At the moment, Aeva’s investors are the brands Porsche and Audi and some participants in the freight transport market. German auto component manufacturer ZF intends to use Aeva’s developments for integration into production vehicles. Aeva expects to receive revenue from the sale of serial products from 2024.

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