Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high performance MMT(R) lidar solutions, has secured a $25 million facility from Trinity Capital Inc. (NASDAQ: TRIN), a leading specialty lending company that provides debt, including loans and equipment financing, to growth-stage companies backed by technology banks, venture capital and private equity firms. The transaction was completed prior to the closing of the merger between Cepton Technologies and Growth Capital Acquisition Corp, now renamed to Cepton Inc. According to the update, $10 million was drawn under the facility, and, subject to conditions under the agreement, Cepton has the option to draw an additional $15 million at any time prior to July 1, 2022. “Cepton is at the forefront of a massive digital transformation toward automation, providing its cost-effective lidar technology to companies who are making automation happen across a wide range of commercial applications,” said Trinity’s Managing Director Bob D’Acquisto. “Their market position coupled with their proprietary technologies make them a great fit for our portfolio. We are excited to support Cepton achieve its goal of deploying high performance, mass-market lidar to deliver safety and autonomy.”
In addition, Cepton has announced its participation in upcoming investor conferences taking place in March. The company is scheduled to present, beginning at 11:40 a.m. ET on Wednesday, March 2, 2022, at Cowen’s 2nd Annual Mobility Disruption Conference. Cepton will also participate in a lidar industry panel discussion slated to begin at 11:00 a.m. ET on Thursday, March 3, 2022, at the Berenberg Industrial Technologies Conference. Cepton management will additionally host investor meetings at the Cowen and Berenberg conferences.
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About Cepton Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented Micro Motion Technology (“MMT(R)”), Cepton aims to take lidar mainstream and achieve its vision of safe and autonomous transportation for everyone. Cepton has been awarded the largest known ADAS lidar series production award in the industry to date, based on the number of vehicle models awarded, to support General Motors’ Ultra Cruise program. Cepton is also engaged with all other top 10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to the OEM and tier 1-studded metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about the company, visit www.Cepton.com.
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