Trinity Capital provided a $25 million facility to Cepton Technologies. The transaction was completed prior to Cepton Technologies' closing of the merger with Growth Capital Acquisition Corp, now renamed to Cepton Inc. $10 million was drawn under the facility and Cepton has the option to draw an additional $15 million at any time prior to July 1, 2022, subject to the conditions under the agreement.
Based in San Jose, Calif., Cepton is an innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. The team at Cepton expects to use the loan proceeds for scaling operations to service their growing demand.
"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 Bob D'Acquisto, Managing Director of Trinity. "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."
Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton focuses on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton's patented MMT®-based lidar technology enables reliable, scalable, and cost-effective solutions that deliver long-range, high-resolution 3D perception for smart applications. Recently, the company held its opening bell ringing ceremony at Nasdaq and started its public listing on the Nasdaq Capital Market.
Jun Pei, Chief Executive Officer of Cepton, said, "Trinity has been a great financial partner throughout this process, providing us with a best-in-class financing solution to grow our business. We have strengthened our capital position to execute our strategic initiatives and pursue platform expansion opportunities. As a result, we are better positioned than ever to drive meaningful adoption of our lidar technology that will enable safe autonomous transportation for everyone."