The company's lidar technology, which is based on LED light emitted in very short pulses up to 100,000 times per second and capturing the backscatter, is gaining traction with tier-one automotive suppliers rapidly, LeddarTech said.
The bridge finance is expected to be repaid from sales at some point in the future. The financing consists of a revolving loan from Desjardins Group and a convertible note from existing shareholders.
"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," said Charles Boulanger, CEO of LeddarTech, in a statement. He added, "The company is also considering additional opportunities for 1H19 to further scale-up operations and accelerate our go-to-market strategy."
LeddarTech said it has six tier-one vendors actively developing automotive lidars based on the LeddarEngine and LeddarCore systems-on-chip. Osram, Magneti Marelli and Delphi all invested in LeddarTech's Series C round of investment in 2017.
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