Soroush Salehian, CEO, Aeva. Photo credit: Aeva

Aeva, a lidar company founded by Apple veterans, has reached a deal to go public by merging with blank-check firm InterPrivate Acquisition Corp. InterPrivate is a blank-check firm that debuted on the New York Stock Exchange in February this year and raised $243 million from investors, money that’ll now go to Aeva, along with an additional $120 million to be raised from investors including automaker Porsche.

Aeva is a lidar company that was founded by veterans from tech giant Apple. It makes 4D lidar sensors that are used in the operation of autonomous vehicles and just this September reached a mass production deal with German car parts giant ZF.

Since its founding, Aeva is known to have raised about $49 million in total outside funding, with backers including notable names like Canaan Partners, Lux Capital, and automaker Porsche. The company is targeting a valuation of $2.1 billion at the closing of its merger, wherein current shareholders will retain their stake and control 80% of the combined company. 

Aeva plans to use the money raised from its reverse merger to accelerate its growth and commercialization. It expects the transaction to be completed by the first quarter of next year.

Aeva was founded just in 2017 and currency employs over 100 people. The company is based out of Mountain View, California.

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