SPAC Details
Growth Capital Acquisition Corp. is a SPAC with $172.5 million in cash and $58.5 million raised via a private investment in public entity (PIPE) anchored by Koito in support of the Cepton transaction, for approximately $231 million of pro forma cash on the balance sheet. The terms place a pro forma firm value of $1.55 billion on Cepton, which equates to 1.8x 2025 estimated revenue of $861 million.
The breakdown of ownership is 85% existing shareholders, 12% SPAC IPO and founder shares, and 3% PIPE investors. From its headquarters in California, Cepton employs 116 people, including 51 engineers and 21 PhDs focused on developing state-of-the-art, intelligent, LiDAR-based solutions for a range of markets, including automotive, smart cities, smart spaces and smart industrial applications. The initial emphasis is on ADAS, the largest-end market for LiDAR.
Autonomous Vehicles Coming Around the Bend
The world is fast accelerating towards freeways and subdivisions chock full of autonomous vehicles shepherded by hands-free technologies that provide full autonomy. The transportation transformation is fully underway and will be arriving in driveways soon. In fact, the Victoria Transport Policy Institute thinks safe and reliable self-driving cars will arrive in as little as three years. In the coming decades, autonomous vehicles will likely be the new standard of safe, affordable and reliable transportation, completely displacing human driving and delivering incalculable savings and benefits.
General Motors Company (NYSE: GM) unveiled a new personal self-driving electric concept car from its luxury brand, Cadillac, during the recent CES technology show and plans to offer a personal autonomous electric vehicle to consumers as soon as mid-decade. GM will likely use the Cepton lidar to both enhance ADAS capabilities for automatic emergency braking, pedestrian detection and also to enable its upcoming Ultra Cruise system.
Ford Motor Company (NYSE: F) last summer was the first to announce a collaboration with Argo AI and Lyft where the three partners began working together to commercialize autonomous ride hailing at scale. The auto giant is active overall in the AV space, including its Self-Driving Research Program designed to help businesses understand how autonomous vehicles could benefit their operations. In December, Ford and DP World London Gateway conducted a trial with a simulated autonomous vehicle to demonstrate how useful such future technology could be to those managing — and employed on — large worksites.
Luminar Technologies Inc. (NASDAQ: LAZR ), a provider of LiDAR and associated software, has more than 50 industry partners, and in various stages of engagement with a majority of the top global automotive OEMs. In 2020, Luminar signed the industry's first production deal for autonomous consumer vehicles with Volvo Cars, which now expects to make Luminar's technology part of the standard safety package on their next generation electric SUV. Additional customer wins include SAIC, Daimler Truck AG, Intel's Mobileye, Pony.ai and Airbus UpNext.
Tesla (NASDAQ: TSLA) announced fourth-quarter numbers, which included the production of more than 305,000 vehicles and deliveries of more than 308,000 vehicles. For the full year, the company delivered more than 936,000 vehicles. In its report, Tesla noted that delivery count should be viewed as slightly conservative because the company only counts a car as delivered if it is transferred to the customer and all paperwork is correct; therefore, final numbers could vary by up to 0.5% or more.
If the Victoria Transport Policy Institute is correct, and the institute seems to be in line with other estimates, self-driving cars are going to be here in what will amount to the blink of an eye. It will be a watershed moment for the industry, AV will be the norm, and youngsters will wonder how and why humans ever drove cars.
For more information about Growth Capital Acquisition Corp., please visit Growth Capital Acquisition Corp.
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