LeddarTech Attracts Significant Investor Interest, Successfully Completing $7 Million Financing
LeddarTech®, owner of Leddar® detection and ranging technology, which enables cost-effective, high-performance sensing in any environment, announced today that it has successfully completed its $7 million equity financing to accelerate the velocity of its sales and marketing efforts for its innov...
LeddarTech®, owner of Leddar® detection and ranging technology, which enables cost-effective, high-performance sensing in any environment, announced today that it has successfully completed its $7 million equity financing to accelerate the velocity of its sales and marketing efforts for its innovative sensor modules and to support the ramp-up of its manufacturing and service operations.
LeddarTechs business model―which enables a wide array of clients to benefit from its patented sensing technology that ranges from off-the-shelf sensor kits for makers, all the way to highly customized solutions for large volumes, by offering maximum flexibility and ease of integration to brand owners, integrators and OEMs―has attracted the interest of many investors. The fact that we make it possible for others to build on and profit from our cutting-edge technology and that we provide smart sensor modules offering the best cost/performance ratio for short- and medium-range detection in any kind of environment has generated a great deal of interest to the point that our financing round was oversubscribed to $16 million, commented Charles Boulanger, CEO of LeddarTech.
This latest financing round was led by BDC Capital and GO Capital. LeddarTech now has the resources to drive its business forward into commercialization and the additional flexibility to execute its strategy of becoming a major sensing solution provider, added Réjean Asselin, Partner at GO Capital L.P. and BDC Capital.
"Many international customers have started to recognize the distinctive benefits that Leddar detection and ranging technology can bring them, said Mr. Boulanger. Our LED-based, modular solutions represent a key enabler for various sensing applications in areas such as transportation, security, robotics, unmanned vehicles, heavy machinery, industrial automation, consumer goods, and agriculture, just to name a few.
The new investments are therefore aimed at leveraging the major opportunities brought forth by LeddarTechs new and unique product portfolio and ensuring the scaling up of the company along with the expected growth. "This round of financing puts us in the position to bolster our go-to-market activities and engage more efficiently with prospective clients and markets, says Mr. Boulanger.
In the coming quarters, the LeddarTech team will focus primarily on increasing brand visibility in important sensor markets, educating prospective customers about the benefits of Leddar detection and ranging, and accelerating the trial and adoption of this unique technology by developing solid commercial relationships with strategic customers and partners around the world.
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