- Cepton makes public debut after completing business combination with GCAC; appears on track to deliver on its vision to expand leading market position and drive value for stakeholders
- With initial market capitalization of around $1.4 billion, Cepton more than doubled its last private valuation of $615 million
- Company has grand plans for future; aims to be the one to extend LiDAR technology adoption from the luxury sector to mainstream
Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance MMT(R) LiDAR solutions, made its Wall Street debut on February 11, 2022, following the successful completion of its previously announced business combination with Growth Capital Acquisition Corp. (“GCAC”), a Delaware special purpose acquisition company (or SPAC). The combined company has been renamed Cepton, Inc. with common stocks and warrants trading on the Nasdaq Capital Market under the ticker symbols “CPTN” and “CPTNW”, respectively. It will continue to be led by the current Cepton management team, including Dr. Jun Pei, Cepton’s Co-Founder and CEO, bolstered by George Syllantavos, co-CEO of GCAC, who will serve as a director of Cepton (https://ibn.fm/bAZnC).
“Today is a special milestone for Cepton,” stated Dr. Jun Pei, Cepton’s Co-Founder and CEO. “We founded Cepton with the goal of enabling safe and autonomous transportation for everyone, and today’s announcement is another step in making that vision a reality. As a public company, we remain focused on the goals of mass-market LiDAR adoption in consumer vehicles and expanding our market leadership position while driving value for all of Cepton’s stakeholders.”
George Syllantavos, co-CEO of GCAC, stated, “We are thrilled with the successful completion of this business combination. Cepton is a company at the forefront of technological advancements with the largest known ADAS LiDAR series production award in the industry and ongoing engagements with all of the Top 10 global OEMs. We are excited about the future and continuing to support the company in its public phase.”
“I am impressed by the elegant technical solutions that Cepton is bringing to the lidar industry in addressing automotive ADAS needs. I’m certain that Cepton’s solutions will gain further commercial success in automotive and other markets. Time works in Cepton’s favor now that its public life has begun, and its vision is on track to materialize,” concluded Akis Tsirigakis, co-CEO of GCAC.
As a Silicon Valley innovator of LiDAR-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications, Cepton is known for its patented Micro Motion Technology (MMT(R)), which allows for a balanced approach to performance, cost, and reliability. This innovative rotation-free, mirrorless, and frictionless technology enables Cepton to tackle challenges that currently restrict the applicability of LiDAR solutions to ultra-high-end vehicles only. Here, Cepton seems poised to deliver where others appear to have failed. Led by industry experts with decades of combined experience across advanced LiDAR and imaging technologies, Cepton set its eyes on taking LiDAR mainstream, focusing on the mass market commercialization of high performance, high-quality LiDAR solutions.
Cepton and its tier-1 manufacturing partner, Koito manufacturing of Japan, was awarded the largest known series production award in the lidar industry by General Motors in support of its Ultra Cruise program. GM’s Ultra Cruise program will enable true hands-free driving across 95 percent of driving scenarios, covering more than 2 million miles of roads at launch in the United States and Canada, with the capacity to grow up to more than 3.4 million miles. Customers will be able to travel truly hands free with Ultra Cruise across nearly every road including city streets, subdivision streets and paved rural roads, in addition to highways.
For more information, visit the company’s website at www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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