Israeli 4D imaging radar solutions for smart cars developer Arbe Robotics has announced that it has completed its SPAC merger and will begin trading on Nasdaq on Friday under the ARBE ticker. Arbe is merging with Industrial Tech Acquisitions, Inc. (Nasdaq: ITAC), at a company valuation of $525 million.
As part of the SPAC merger, Arbe will raise $118 million including $18 million from Industrial Tech and $100 million in a private placement from investors including Mellanox founder and former CEO Eyal Waldman. The $18 million from the SPAC is considerably lower than $76 million reported in March. As with other Israeli auto-tech mergers, most of the SPAC's shareholders (about 76% in this instance) have chosen to redeem their shares and not go along with the merger.
Arbe Robotics was founded in 2015 by CEO Kobi Marenko, CTO Dr. Noam Arkind and COO Oz Fixman. Arbe says that its, "4D imaging radar technology revolutionized automotive sensing with an affordable, ultra-high-resolution sensor that delivers high-level performance in all environmental, weather, and lighting conditions, providing an unmatched level of safety to the market. The Company believes it is the first radar that can truly enrich perception algorithms, making sure they operate in all possible driving scenarios. Arbe's technology has transformed radar as a sensor by infusing it with capabilities that were previously associated with more costly sensors like LiDAR."
Marenko said, "Becoming a publicly traded company extends our first mover advantage and market leading position as we continue to spearhead a radar revolution. We continue to see strong customer uptake in our chipset as they recognize the superior capabilities of our products and significant cost advantages, and we expect that momentum to carry forward in the years ahead. The completion of the merger will help us accomplish our mission by enhancing our capital structure to fuel our product innovation process and accelerate our go-to-market strategy."
According to IVC, Arbe Robotics has raised $54.5 million in five financing rounds from investors including iAngels, OurCrowd, Catalyst CEL and O.G. Tech. In 2020, the company reported revenue of $332,000 and a net loss of $15.6 million.
Published by Globes, Israel business news - en.globes.co.il - on October 7, 2021
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