Lidar Startup Aeva Joins SPAC Trend With $2.1 Billion Deal
Aeva, a lidar startup founded by former Apple engineers, goes public via a $2.1 billion SPAC merger. The company distinguishes itself with unique 4D lidar technology that measures both distance and instant velocity.
Lidar startup Aeva merges with special purpose acquisition company InterPrivate Acquisition Corp. in a deal that values the Mountain View-based company at $2.1 billion. Founded by two former Apple engineers and backed by Porsche SE, Aeva chooses this alternative route to public markets instead of a traditional initial public offering. This merger makes Aeva the third lidar company to go public via a SPAC, following similar moves by competitors Velodyne and Luminar.
Unlike traditional lidar sensors that send out high-power pulses of light to map surroundings in 3D, Aeva develops what it calls "4D lidar." This unique FMCW technology measures distance as well as instant velocity without losing range, while successfully preventing interference from the sun or other sensors. Furthermore, the system requires less power, which allows the company to integrate perception software directly into the hardware.
While Aeva initially designs its technology for autonomous vehicles and advanced driving assistance systems, the startup also attracts interest from the consumer electronics sector. The company builds its chip-level lidar on silicon photonics to provide higher range capability, eliminate sunlight degradation, and measure motion. These specific features open up new possibilities for expanded augmented and virtual reality applications in consumer devices.