A Lidar sensor startup founded by two former Apple engineers, set for a $200 million investment by a Hong Kong-based hedge fund, Bloomberg News reported. The firm is also set to go public via a reverse merger.
Aeva — a company that’s yet to turn a profit — is valued at about $3 billion, the startup’s chief executive officer, Soroush Salehian, said in an interview. Aeva plans to use the extra cash to meet demand from consumer device companies and speed up some of its technological achievement milestones, he said. “We are seeing interest from a number of new customers, from auto and industrial and consumer applications,” Salehian said, adding the company is working on applications for mobile phones, tablets and consumer health. Salehian, who helped develop the Apple Watch during his almost five years as a product manager at the tech giant, says Aeva has an edge in consumer devices because its tech can be fit onto a chip small enough for tablets and smartphones, as well as the bulkier boxes used for automotive lidar.