In a Series C funding campaign led by Osram and other strategic partners including Delphi, Magneti Marelli and Integrated Device Technology, LeddarTech Inc.—a Canadian company has raised $101 million to develop Solid state LiDAR for autonomous cars.
The company managed to raise the largest capital till date, in the course of the funding campaign. This will now enable LeddarTech to solely focus upon its LiDAR development initiatives, which includes- enhancing application-specific integrated circuit development efforts, expanding its research and development team and accelerate ongoing LiDAR development programs with select Tier-1 automotive customers for rapid market deployment.
One of the key factors in the adoption of LeddarTech technology, as well as the significant investments by large companies is the cost of the LiDAR product. Existing LiDAR products have price tags in the thousands, whereas LeddarTech’s has a product in prototype comes in under $100.
With the demand for LiDAR surging, this could turn out to be a break through in the future of Autonomous Vehicles!