Quanergy to Publicly List through a Business Combination with CITIC Capital Acquisition Corp. to Democratize Smart LiDAR Solutions for the Automotive and IoT Markets
By Brent MacDonald – Principal @ Rising Tide VC
Quanergy Systems’ mission is to create intelligent, efficient, and affordable LiDAR (Light Detection And Ranging) solutions for automotive and IoT applications to enhance people's experience and safety. The company has developed the only 100% solid CMOS LiDAR sensor, built over the past number of years using phased optical network (OPA) technology. With Quanergy's LiDAR solutions, companies can now leverage advanced real-time 3D information to transform their business in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Compared to radar and camera, LiDAR offers an optimal mix of 3D imaging, range, field of view, accuracy, night and light sensitivity.
This month the company announced its plans to publicly list through a combination with a special-purpose acquisition company, a deal that would value the combined business at $1.4 billion. To learn more see the press release found here. Quanergy today has over 350 customers and 40 partnerships worldwide and has established a market leading position due to its integrated solution portfolio that matches best-in-class LiDAR sensors with highly accurate 3D perception software. Quanergy has also achieved traction globally with most automakers, robotics and drone companies, industrial equipment/vehicle companies, map makers, home automation companies, and security companies.
On product, the company announced its latest updates of its solid-state LiDAR, which utilize OPA’s in CMOS-compatible silicon photonic integrated circuits (PIC). Quanergy has demonstrated 100-meter range (about 110 yards), and it is aiming to achieve a 200m range by the end of the year. The company also unveiled the industry’s first solid state LiDAR-based Access Control and People Counter for retail, airports, public venues, commercial and government buildings, and industrial warehouses. People Counter collects accurate data about the volume and flow of people in high traffic venues.
Why We Are Excited
Quanergy solutions are market disrupting and applicable in many sectors. The company was founded in 2012 and builds on decades of experience of its team in the areas of optics, photonics, optoelectronics, artificial intelligence, and control systems. LiDAR today is at the right price point with the right level of performance that address over 30 market verticals and represents a multi-billion dollars market opportunity. We are grateful for the long-term partnership with the company and look forward to continuing growth and positive human impact in decades to come through everlasting dedication, cooperation, and results-orientation.