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LeddarTech Accelerates Momentum with $US 23.7 Million in Bridge Financing

Latest financing to support LeddarTech’s accelerated growth and development efforts for its proprietary solutions based on its unique automotive LiDAR development platform, which is rapidly gaining traction with Tier-1 suppliers. LeddarTech, an industry player providing the most versatile and scalable automotive LiDAR development platform, announces the successful closing of a $US 23.7 million ($CDN 31.4 million) bridge. These funds will enable the company to continue the expansion of its research and development teams to accelerate the introduction of its automotive LiDAR development platform.

The financing consists of a revolving loan from Desjardins, one of the Canadian financial cooperatives, as well as a convertible note from existing shareholders, led by Desjardins-Innovatech, S.E.C.

Leddar Yole

This financing from both our strategic and financial investors, as well as the continuous support from our banking partners in our growth, is a testament to the continued confidence they have in LeddarTech,” stated Charles Boulanger, CEO of LeddarTech. He added, “The company is also considering additional opportunities for H1 2019 to further scale-up operations and accelerate our go-to-market strategy.”

We are experiencing strong traction for our LiDAR development platform, with six tier-1 vendors actively developing automotive-grade LiDAR solutions based on the Leddar Engine and LeddarCore systems-on-chip, as well as strong interest from many other prospective strategic partners with whom we are currently discussing potential collaborations. This new investment will enable us to enhance the organization at all levels to meet market demand and support these new customers,” stated Frantz Saintellemy, president and COO, LeddarTech.

Source: https://leddartech.com/

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