Cepton, Inc., a Silicon Valley innovator and leader in high performance lidar solutions, announced today that its previously announced $100 million investment (the “Investment”) from long-term automotive Tier 1 partner and current shareholder, Koito Manufacturing Co., Ltd. (“Koito”) (TSE: 7276), will be completed on January 19, 2023. The Investment, in the form of convertible preferred stock, was approved at a special meeting of Cepton stockholders on January 11, 2023, and is convertible into shares of Cepton’s common stock beginning on the first anniversary of the issue date at an initial conversion price of $2.585 per share.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries.
Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all Top 10 global OEMs.
Under the corporate message, “Lighting for Your Safety”, Koito Manufacturing Co., Ltd. (Koito) has been marking a history of leadership in automotive lighting since its establishment in 1915. Today, the Koito Group consists of 31 companies located in 13 countries worldwide and provides products and services to customers all over the world, through the global network .