SUNNYVALE, CA / ACCESSWIRE / December 23, 2024 / TechStar Acquisition Corporation, a special purpose acquisition company listed in Hong Kong, announced that it entered a Business Combination Agreement with Seyond, a solution provider of high fidelity, high-performance LiDAR and intelligent sensing systems. Upon completion of the merger, Seyond is expected to be successfully listed on the Hong Kong Stock Exchange.
The agreed valuation for this De-SPAC transaction is 11.7 billion Hong Kong dollars. Additionally, Seyond has introduced three PIPE investors with a cumulative investment of approximately 553.1 million Hong Kong dollars.
Previously, Seyond has garnered investments from a host of prestigious institutions, including NIO Capital, Temasek, ERVC, Gaorong Ventures, Joy Capital, BAI Capital, Shunwei Capital, and Guotai Junan Venture Capital, among others.
Established in 2016, Seyond specializes in providing automotive-grade LiDAR solutions for autonomous driving and a variety of automotive and non-automotive applications. As the first company to achieve mass production of automotive-grade high-performance LiDAR, Seyond ranked first globally in sales revenue of passenger car LiDAR solutions in 2022 and 2023.
Rigorously tested with proven automotive-grade reliability and lifetime, Falcon, the flagship 1550nm LiDAR sensor for high-level autonomous driving, is mass-produced, with over 400,000 units delivered globally. ?Additionally, Seyond achieved a design win for its 905nm wavelength LiDAR products with a leading new energy automotive OEM, becoming the only company in the LiDAR industry with mass production experience in both 1550nm and 905nm products.
In addition to the automotive market, Seyond is strategically expanding into the robotic and intelligent transportation markets with combined revenue opportunities of over USD 260 billion globally by 2031, aiming to create a more substantial revenue scale.
Seyond is looking forward to embarking on this exciting new journey with its investors, partners, and customers. On January 7-10, the company will exhibit its latest technology at CES 2025 in Las Vegas, Nevada. Attendees visiting Booth #5060 will learn how Seyond's LiDAR solutions power intelligent systems worldwide.
About Seyond
Seyond is a global leader in high fidelity LiDAR solutions, powering a safer, smarter and more mobile world across the automotive, intelligent transportation, robotics and infrastructure industries. Seyond delivers a dynamic portfolio of robust, high resolution LiDAR sensors, perception software, and the Seyond ITS Management Platform (SIMPL). Founded in Silicon Valley with a global footprint, Seyond is dedicated to the highest quality engineering and manufacturing, and unwavering commitment to our customers.?
About TechStar
TechStar is a special purpose acquisition company incorporated for the purpose of effecting a business combination with one or more businesses, with efforts concentrated on companies in new economy sectors, including but not limited to innovative technology, advanced manufacturing, healthcare, life sciences, culture and entertainment, consumer and e-commerce, green energy and climate actions industries. TechStar completed an offering comprising 100,100,000 TechStar Class A Shares at an offer price of HK$10.00 per TechStar Class A Share and 50,050,000 TechStar Listed Warrants on December 23, 2022.
CONTACT:
Name: Sally Frykman
Email: sally.frykman@seyond.com
SOURCE: Seyond
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