Aeva, a laser-sensor start-up, expects a facelift of $200 million after an investment by Hong Kong-based hedge fund, according to Bloomberg. The funding from Sylebra Capital Management will boost proceeds from its planned deal with InterPrivate Acquisition Corp to $563 million ahead of listing via a reverse merger.

  • Investor interest in Aeva is part of a wave of financing deals targeting next-generation auto-related entities in fields such as battery-electric and driverless technology.
  • Lidar companies such as Aeva target limited self-driving features in passenger cars, consumer devices, and industrial robots.
  • Lidar, a laser-based sensor system, allows a vehicle to “see” its surroundings and is among the most expensive components of autonomous cars. 
  • Aeva joins four other lidar-focused firms that have planned or completed reverse mergers in recent months.
  • Aeva, yet to become profitable, is valued at about $3 billion and plans to use the proceeds to meet demand from consumer device companies and speed up technological achievements.
  • Aeva deal with InterPrivate is expected to close in the first quarter of 2021

InterPrivate stock is currently gaining. IPV: NYSE is up 4.55%