Queer: Self-driving startup Ouster nears $1.9 billion deal to switch public

(Reuters) - Ouster Inc, a U.S. startup that makes lidar sensors for self-driving vehicles and simple cities, is nearing a deal to switch public at a roughly $1.9 billion valuation through a merger with a blank-confirm acquisition firm, according to other folks conscious of the subject.

San Francisco-based solely Ouster plans to merge with Colonnade Acquisition Corp and the deal shall be announced as early as Tuesday, the sources talked about, inquiring for anonymity before an legit announcement.

Colonnade is a definite plan acquisition company (SPAC) led by investors Remy Trafelet and Joseph Sambuco. It raised $200 million in an preliminary public offering (IPO) in August with the plan of merging with a privately held company. The received company then becomes public as outcomes of the merger, an different to the outdated skool IPO job.

A tie-up with Colonnade would produce Ouster the fifth lidar manufacturer this 12 months to agree a SPAC merger to switch public, following on from Velodyne Lidar Inc, Luminar, Innoviz and Aeva.

Lidar sensors, which exercise laser mild pulses to render staunch photos of the environment all around the automobile, are seen as predominant by many automakers to allow elevated ranges of driver assistance, correct up to making them in a position to self-driving.

Ouster’s administration has talked relating to the broader applications for lidar in areas resembling drones, easy cities and robotics, and no longer correct for self reliant vehicles.

Five-12 months-worn Ouster beforehand raised $142 million from non-public market investors, along side Cox Automotive, Silicon Valley Financial institution and Fontinalis Companions, which is co-owned by Ford Motor Executive Chairman Bill Ford.

Reporting by Joshua Franklin in Miami and Paul Lienert in Detroit; bettering by Richard Pullin

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