Silicon Valley Based LiDAR Maker Quanergy is Seeking IPO
【Summary】Quanergy Systems Inc. could be the first initial public offering (IPO) to emerge from a crowded field of autonomous driving technology companies that have set up shop in Silicon Valley.
SUNNYVALE, Calif. — Quanergy Systems Inc. could be the first initial public offering (IPO) to emerge from a crowded field of autonomous driving technology companies that have set up shop in Silicon Valley.
According to Bloomberg, Quanergy has asked bankers to submit their pitches to advise it on taking the company public, according to people familiar with the matter. The company is eying 2018 for an IPO, said the people, who asked not to be identified because the matter is private.
Quanergy makes LiDAR, a vital component for self-driving cars. Quanergy offers LiDAR sensors and software that capture and process real-time 3D mapping data. Autonomous vehicles typically have two or more lidar sensors, which use laser beams to generate real-time 3-D images of the road and surrounding environment.
Quanergy has a product that sells for about $4,000 — relatively inexpensive compared to some competitors LiDAR systems. However, the company plans to have one that sells below $250 within three to four years.
The industry has been heating up as mass production of self-driving cars moves closer to reality. Technology giants Alphabet and Uber are investing in autonomous driving systems and carmakers, including Tesla, are introducing vehicles with some self-driving capabilities. In July, Audi unveiled the first production car—the Audi A8, with its own embedded lidar system.
Quanergy has raised more than $150 million from investors including Daimler AG, Delphi and Samsung Electronics Co. Billionaire Alisher Usmanov, who invested in Facebook Inc. and Alibaba Group Holding Ltd. before their IPOs, said in April that he owns a stake in the company.
The company was valued at about $1.5 billion in its 2016 private funding round, Chief Executive Officer Louay Eldada said in an interview in February. Quanergy raised $90 million in Series B funding in August of 2016.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
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