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LeddarTech®, an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology for advanced driver assistance systems (ADAS) and autonomous driving (AD), is pleased to announce the completion of its business combination, previously announced on June 13, 2023 with Prospector Capital Corp. ("Prospector") (NASDAQ:PRSR, PRSRU, PRSRW))))) today. Commencing at the open of trading on December 22, 2023, LeddarTech common shares and warrants to purchase common shares will be listed on the Nasdaq Global Market under the ticker symbols "LDTC" and "LDTCW," respectively.
As an automotive pure software company, LeddarTech offers a very crucial piece of the software stack for ADAS and AD. LeddarTech's technology provides vehicles with better environmental understanding models, i.e., a substantially enhanced real-time 3D view of the vehicle's surroundings, which is at the core of making a vehicle intelligent. Its AI-based, low-level sensor fusion software approach helps reduce Tier 1s and OEMs development and system costs, improves performance and reduces maintenance overhead.
LeddarTech's unique software solution is coming to market at a time when the automotive industry is at a critical inflection point. OEMs and Tier 1-2 suppliers are equipping vehicles with more sensors than ever before — with the promise of increased safety through improved ADAS applications leading to fully autonomous driving in the future. The industry has embarked on a transition to "software-defined vehicles", which has OEMs thinking "software first" for better integrated, cost-efficient, flexible vehicle architectures that are easier to maintain and upgrade with continuous software updates. ADAS software represents the largest market within automotive software, with an expectation to grow at an 11% CAGR to U.S. $42 billion by 20301.
"It has been a privilege to have served as CEO of LeddarTech over the past ten years. I am extremely pleased that we have achieved this important milestone of becoming a public company after completing our business combination with Prospector. Since the announcement of the transaction, LeddarTech has raised US $58.6 million of gross capital (US $44 million via a convertible PIPE and US $14.6 million from the SPAC trust) to support the adoption and growth of LeddarTech's technology. The company's partnership with Prospector, combined with this increased working capital, will help to further solidify our position in the automotive software sector," said retiring CEO Charles Boulanger. "As previously announced, Frantz Saintellemy, our long-time president and COO, will now assume the role of Chief Executive Officer to lead LeddarTech into this next phase of growth for the company. I look forward to continuing to serve the company as a member of LeddarTech's Board of Directors," Mr. Boulanger concluded.
"On behalf of myself, the LeddarTech employees, our Board of Directors and investors, I sincerely thank Charles for the tremendous work he has done leading LeddarTech over the past ten years to where it is today," stated LeddarTech's newly appointed CEO, Mr. Frantz Saintellemy. "I am delighted to take on the additional responsibility of becoming CEO of LeddarTech and to lead our team into the future. The market opportunity is tremendous, and the reception that our exciting automotive software continues to receive from various Tier 1 and OEM customers convinces me that LeddarTech will become a predominant automotive software supplier in the future," Mr. Saintellemy concluded.
"Based on my experience at Qualcomm, I believe LeddarTech is poised to be a disruptive leader in supplying safer, higher-performing and less expensive software-based solutions for ADAS and AD," said Derek Aberle, recently appointed Chairman of the Board of LeddarTech and former CEO of Prospector. "I am very excited about the opportunity to work closely with Frantz and the rest of the leadership team to establish LeddarTech as a global leader in ADAS and AD software as we seek to capture a significant portion of this large and growing market."
