U.S based startup which manufactures lidar sensors for self-driving cars and smart cities Ouster Inc. will be tapping into a merger deal with a blank-check acquisition company to go public. This was revealed by involved sources which said the deal will give Ouster a market valuation of $1.9 billion.
The Special Purpose Acquisition Company (SPAC) involved in the deal is Colonnade Acquisition Corp. (CLA) the sources who sought anonymity prior the official announcement were confident the deal will be announced before the week is over.
If the deal goes through, then Ouster will be the fifth lidar producer to go public through merger with a SPAC this year.
Ouster was founded five years ago, the company raised $142 million from its latest financing round led by private market investors including Silicon Valley Bank, Fontinalis Partners and Cox Automotive.
Top management in Ouster has previously revealed its plan to extend application of lidar beyond self-driving vehicles to other areas such as smart cities, robotics and drones.