Cepton, Inc. (Cepton), a Silicon Valley innovator and player in high performance lidar solutions, announced the completion of its previously announced $100m investment from its long-term automotive Tier 1 partner and shareholder, Koito Manufacturing Co., Ltd. (Koito).
What does the funding mean for Cepton?
The Investment, in the form of convertible preferred stock, was approved at a meeting of Cepton stockholders on January 11, and is convertible, beginning on the first anniversary of the issue date, into shares of common stock at a conversion price of $2.585 per share.
“We’re happy to announce the closing of the preferred stock investment as we deepen our partnership with Koito. We plan to deploy the additional capital to help fund our next stage of growth, continue series production execution, and expand our collaboration efforts towards winning additional automotive OEM programs,” said Dr. Jun Pei, Co-Founder & CEO, Cepton.
What does the funding mean for Koito?
“We’re excited to have completed our third investment in Cepton, which solidifies our commitment to lidar and increasing automotive safety for drivers. This is an important year for us as we work towards commercialization and scale manufacturing of our lidar products. We have a strong track record with Cepton as a partner and look forward to achieving our mutual goal of becoming the leader within lidar,” said Mr. Michiaki Kato, Koito’s President.
Additional details regarding the close of the Investment will be included in a Form 8-K to be filed by Cepton with the Securities and Exchange Commission (SEC). ICR Capital LLC served as exclusive financial advisor to Cepton on the transaction and O’Melveny & Myers LLP served as legal counsel to Cepton. SMBC Nikko served as exclusive financial advisor to Koito and Davis Polk & Wardwell LLP and Nishimura & Asahi served as legal counsel to Koito.