Velodyne Lidar, an autonomous automotive engineering company, has hired bankers for an initial public offering, sources in the company know.
Velodyne Lidar, who develops a laser technology that allows self-driving cars to spot objects around them, works with Bank of America, Merrill Lynch, Citigroup, the Royal Bank of Canada and William Blair to create a potential public To reach Float said.
The company intends to surpass its most recent private valuation of $ 1.8 billion and go public before year-end, one person said.
Although the autonomous vehicle technology is still in its infancy, Velodyne Lidar goes back to the founding year 1
The company began production of LIDAR technology around 2005 and then outsourced $ 150 million of financial support to Ford and Baidu in the audio business in 2016.
Velodyne completed a $ 25 million round of financing in late 2018, led by Japanese multinational Nikon.
Read more: Uber insiders describe critical and questionable decisions before his self-driving car killed a pedestrian Velodyne would be the first IPO in the emerging field of autonomous vehicle technology.
The plans of the company are at a high stake in the field of autonomous vehicles. Self-driving cars are on the verge of commercial acceptance, but the room continues to be affected by setbacks, including a fatal accident in which one of Uber's self-driving cars hit a pedestrian in March 2018.
Still, money continues to flow Competition among some of the largest companies, including Waymo of Google, Tesla, Cruise of GM and Intel / MobileEye, is rising. GM's self-driving Cruise unit raised $ 1.15 billion from GM, the SoftBank Vision Fund and Honda in May. This round had a value of 19 billion US dollars.
Apple reportedly bought the self-driving startup Drive.ai in June, allowing it to gain access to more engineers from the AV world. Drive.ai was recently valued at $ 200 million, PitchBook said.
Quanergy Systems, one of Velodyne's largest competitors, previously talked to banks about the IPO, although it had frozen these plans until August 2018, Bloomberg reported.
Quanergy and Velodyne contend for a Velodyne patent for a "high-resolution lidar system". The US patent litigation and appeals body upheld the Velodynes patent at the end of May, although Quanergy has since announced that it has filed a complaint against this ruling.
Velodyne, Bank of America Merrill Lynch and Citigroup declined to comment. The Royal Bank of Canada and William Blair did not respond to a request for comment.