The Quebec auto sensor software maker bets on SPAC rebound as it aims for a Nasdaq listing
Quebec City automobile sensor software developer LeddarTech Inc. plans to go public by merging with a special purpose acquisition company in a bet it can overcome weak investor interest in such transactions or for technology initial public offerings as a whole.
LeddarTech said the combined entity’s equity would be valued at US$348-million. That’s less than half the US$772-million valuation it commanded after raising US$140-million in 2022. Current ADAS systems rely on vehicle-mounted sensors to detect and classify what they see, which Mr. Boulanger said is costly and complex, requiring time-consuming fixes to system software when hardware changes. LeddarTech’s system instead does all the work at the software level and can work with any physical sensor, using artificial intelligence to construct a virtual 3D model of a vehicle’s surroundings to inform responsive action by the ADAS system.
Mr. Boulanger declined to comment on projections LeddarTech made when it pitched to private investors in 2021 and early 2022. At the time, it forecast the company would generate more than US$500-million in high-margin software revenues in 2025 and more than three times as much in 2027. At the time “it was in fashion to put projections that were all over the place,” he said. “I think we’re in a different market” now. “People want to see more value.
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