High-performance lidar solutions business Cepton has completed its previously announced US$100m investment from long-term automotive Tier 1 partner and current shareholder Koito Manufacturing.
The investment was approved at a meeting between Cepton stockholders on January 11, 2023, before being completed on January 19.
“We’re happy to announce the closing of the preferred stock investment as we deepen our partnership with Koito,” said Dr Jun Pei, co-founder and CEO, Cepton. “We plan to deploy the additional capital to help fund our next stage of growth, continue series production execution, and expand our collaboration efforts towards winning additional automotive OEM programs.”
“We’re excited to have completed our third investment in Cepton, which solidifies our commitment to lidar and increasing automotive safety for drivers worldwide,” added Michiaki Kato, president, Koito. “This is an important year for us as we work towards commercialization and scale manufacturing of our lidar products. We have a strong track record with Cepton as a partner and look forward to achieving our mutual goal of becoming the leader within lidar.”