LeddarTech has successfully completed a $7 million equity financing to accelerate commercialization efforts for its innovative detection and ranging sensor modules and to support the ramp-up of operations.
QUEBEC CITY, CANADA November 18, 2014
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.
LeddarTech's 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 LeddarTech's 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.
LeddarTech is the world's only supplier of advanced detection and ranging systems based on patented, leading-edge sensing technology that performs time-of-flight measurement using pulses from infrared LEDs processed through innovative algorithms, thus detecting a wide range of objects under various environmental conditions. Leddar technology is highly adaptable, serves multiple markets and comes in different module forms, providing brand owners and OEMs with a solution that meets their needs while ensuring quick and simple integration.
About GO Capital
GO Capital L.P. is a $50 million venture capital fund that invests in Quebec technology firms in the fields of energy/clean technology, information technologies and life sciences. GO Capital is managed by its General Partner, the Business Development Bank of Canada.
About BDC Capital
A subsidiary of BDC, BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies' development over the long term. From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit http://www.bdccapital.ca or Twitter at @BDC_Capital.