As per reports, Ouster Inc, a five-year-old San Francisco-based startup making lidar sensors for self-driving cars and smart cities has decided to go public through a merger with special purpose acquisition company (SPAC) Colonnade Acquisition Corp, valuing the start-up at around $1.9 billion and fifth lidar manufacturer this year agreeing on a SPAC merger to go public.
Ouster’s digital lidar technology performs beyond autonomous vehicles and reaches to areas such as smart cities, robotics, and drone with its practical applications, explained Angus Pacala, its co-founder, and Chief Executive.
“The vision of the future that we’re pushing towards is lidar on every vehicle on earth, every moving object on earth and every piece of intelligent fixed infrastructure on earth, in the same way, that camera technology has propagated and become ubiquitous in the last 20 years,” stated Pacala in an interview, speaking with Colonnade Chief Executive Remy Trafelet.
Special purpose acquisition companies like Colonnade are increasingly becoming popular investment vehicles that help raise funds via an initial public offering (IPO) with the goal of buying a private company. The acquired company changes to the public as a result of the merger, making the process an alternative to the traditional IPO process.
For Ouster, Colonnade raised $100 million through private investment in public equity, including investors like Cox Automotive, Fontinalis Partners, and WWJ Enterprises. The deal altogether will bring in up to $300 million in gross proceeds for Ouster.
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