DURHAM — Durham-based Sense Photonics, Inc., a high technology start-up, has raised $14.4 million in equity, according to a Securities and Exchange Commission filing on Tuesday.
The $14.4 million was raised by 20 investors with the date of the first sale at the end of September. The offering has $10.6 million in equity still remaining to be sold for a total of $25 million.
The company plans to use the money to develop a disruptive LiDAR solution for autonomous vehicles, drones, industrial automation, mobile devices and other applications.
LiDAR, which stands for light detection and ranging, is an essential sensor for AVs that uses lasers to create highly accurate 3D maps of the vehicle’s surroundings day or night in most weather conditions.
Sense Photonics
LiDAR is one of the largest market opportunities that will emerge from the autonomous revolution, growing into an almost $100 billion market over the next 20 years, according to Goldman Sachs.
The start-up was awarded The Wall Street Journal’s Technology Innovation award in addition to being named one of MIT Technology Review’s “50 Disruptive Companies” in 2013.
The company also raised $500,000 in August 2017.
CEO Scott Burroughs and CCO Russ Kanjorski founded the company in 2016 with its headquarters based in Durham.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
