Ouster and Velodyne agree to merger, signaling consolidation in lidar industry
- It’s also because many of these companies, including Ouster and Velodyne, went public via special purpose acquisition (SPAC) at potentially inflated valuations that were based on projected revenue, not actual revenue.Earlier this year, Velodyne acquired AI and lidar company Bluecity.ai, and last year, Ouster acquired lidar startup Sense Photonics.
- In May last year, Hall wrote a letter blaming the SPAC with which Velodyne merged, Graf Industrial Corp., for the company’s poor financial performance.The combined company’s board of directors will consist of eight members, four from Ouster’s board and four from Velodyne’s.
- Ouster and Velodyne, two lidar companies, have agreed to a merger in an all-stock transaction, the companies said Monday.
- AV company Aurora bought out Blackmore in 2019, and Cruise acquired Strobe in 2017.Both Velodyne and Ouster have been struggling with plummeting stock prices over the past year, and neither has been able to turn a profit yet.
- The companies closed out the second quarter with a net loss of $44.3 million and $28 million, respectively.
- That’s in part because there are too many lidar companies for how many OEMs are implementing the sensor for autonomous driving applications.
Ouster and Velodyne, two lidar companies, have agreed to a merger in an allstock transaction, the companies said Monday. Both Ouster and Velodyne will maintain a 50% stake in the new company, accord [+3554 chars]