LeddarTech, an automotive software company providing patented, breakthrough AI-based low-level sensor fusion and perception software technology for advanced driver assistance systems (ADAS) and autonomous driving (AF), has announced its Business combination with Prospector Capital Corp. completed, which was announced on June 13, 2023 . Since trading began on December 22, 2023, LeddarTech common stock and common stock purchase warrants have been listed on the Nasdaq Global Market under the ticker symbols “LDTC” and “LDTCW,” respectively.
As a pure software company for the automotive industry, LeddarTech offers a significant part of the software stack for FAS and AF. LeddarTech’s technology provides vehicles with more effective perception models through a significantly improved real-time 3D view of the vehicle environment, which is the core of an intelligent vehicle. The AI-based approach of low-level sensor fusion software helps reduce development and system costs for Tier 1 suppliers and OEMs, improve performance and reduce maintenance.
LeddarTech’s unique software solution comes to market at a time when the automotive industry is at a crucial turning point. OEMs and Tier 1/2 suppliers are equipping vehicles with more sensors than ever before – with the promise of increasing safety through improved ADAS applications, paving the way for fully autonomous driving in the future. The industry has begun the transition to “software-defined vehicles.” With this in mind, OEMs have adopted a “software-first” mindset to develop more integrated, cost-effective and flexible vehicle architectures that are easier to maintain and powered by continuous software -Updates can be updated. ADAS software represents the largest automotive software market and is estimated to grow at an annual rate of 11% to $42 billion by 2030 1 .
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“It has been a privilege to serve as CEO at LeddarTech for ten years. I am very pleased that we have reached this important milestone following our merger with Prospector and have now become a listed company. Since the transaction was announced, LeddarTech has raised $58.6 million in gross capital ($44 million via a convertible PIPE and $14.6 million from the SPAC trust) to launch and grow LeddarTech technology to support. “The partnership with Prospector and the increase in working capital will help further strengthen our market position in the automotive software space,” said outgoing CEO Charles Boulanger . “As previously announced, Frantz Saintellemy, our long-time President and COO, will now take on the role of Chief Executive Officer to lead LeddarTech into its next phase of growth. I look forward to continuing to serve the company as a member of LeddarTech’s Board of Directors ,” added Boulanger.
“I sincerely thank Charles – also on behalf of the company’s workforce, board and investors – for the outstanding work he has done over the past ten years to lead LeddarTech to where it is today,” explains Frantz Saintellemy , newly appointed CEO of LeddarTech . “I am happy to accept the additional responsibility as CEO of LeddarTech and look forward to leading our team into the future. The market opportunity is enormous and the positive response from several Tier 1 and OEM Customers’ access to our exciting automotive software confirms my belief that LeddarTech is on the path to becoming a leading automotive software provider.”
“Based on my experiences at Qualcomm, I strongly believe that LeddarTech will be a disruptive leader in software-based solutions for ADAS and AF that are safer, more powerful and more cost-effective,” added Derek Aberle , recently appointed Chairman of the Board of Directors at LeddarTech and previously held responsibility as CEO at Prospector. “I am extremely excited about the opportunity to establish and work for LeddarTech, together with Frantz and the rest of the leadership team, as a global leader in ADAS and AF software, a significant one “To capture a share of this sizeable and growing market.”
SOURCE : PRNewswire