Aeva, a laser-sensor startup founded by two ex-Apple engineers, is poised to increase its war chest by $200 million with an investment by a Hong Kong-based hedge fund ahead of its public listing via a reverse merger.
The funding from Sylebra Capital Management is expected to boost the total proceeds from its planned deal with InterPrivate Acquisition to $563 million, an Aeva executive said.
Investor interest in Aeva is part of a wave of financing deals targeting next-generation auto-related companies focused on fields such as battery-electric and driverless technology.
The deal is expected to close in the first quarter of 2021.
Lidar, a system of laser-based sensors that allows a vehicle to “see” its surroundings, is among the most expensive components of autonomous cars and key to enabling more advanced self-driving features.