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LeddarTech Announces 140 Million USD in Series D Financing Combined With Debt Facility

The latest financing supports LeddarTech's accelerated growth and development efforts for its unique proprietary sensor fusion and perception automotive solutions.

QUEBEC CITY, Feb. 03, 2022 (GLOBE NEWSWIRE) — LeddarTech , a global leader in providing the most flexible, robust and accurate ADAS and AD sensing technology, is pleased to announce a successful financing round with an investment of US$ 140M, which comprises a Series D first close of US$ 116M and debt facility of US$ 24M.

FS Investors led the financing round with the participation of Investissement Qubec, BDC Capital, Go Capital, certain funds managed by Fidelity Investments Canada ULC, Fonds de solidarit FTQ, Export Development Canada, ams OSRAM, Desjardins Capital, UI Investissement, Cowen Investment II LLC and other LeddarTech management. The debt facility was secured with Desjardins Group.

This investment will accelerate the development and commercialization of LeddarTech solutions. In addition, LeddarTech will use the funds to augment engineering resources to meet the demands from global OEM and Tier 1–2 automotive customers actively engaged with the company for sensor fusion and perception sensing solutions.

“Our decision to partner with LeddarTech began with our introduction to the corporate senior management team. Individually, the senior team possess decades of experience in the technology industry. In addition, many have worked with major global automotive and sensing technology companies,” stated Nick Stone, founder and partner of FS Investors. “An extensive due diligence process coupled with strong customer validation confirmed that LeddarTech's unique solution is the best positioned in the market to unlock mass adoption of ADAS and AD by breaking typical software dependency on hardware in sensing,” according to Mr. Stone, concluding that: “The LeddarTech solution, called LeddarVision, provides customers with the flexibility to quickly scale across vehicle models and deliver faster to market with greater performance at a lower cost.”

“The success of this round is a testament to the growth and industry recognition LeddarTech has achieved. I am delighted to welcome FS Investors as our most recent investors, who bring vast experience and expertise in the deep tech sector,” stated Charles Boulanger, CEO of LeddarTech. “I was impressed by the quality and thoroughness of their due diligence and their exceptional understanding of the ADAS and AD market, which confirms the value of our unique software solution. Our team and I look forward to working with FS Investors, our other new investors and our existing partners to enable our customers to significantly deploy our reliable and cost–effective ADAS and AD solutions across their brands and markets,” Mr. Boulanger concluded.

Cowen and Desjardins Capital Markets acted as co–advisors in this investment round.

About LeddarTech

Founded in 2007, LeddarTech has evolved to become a comprehensive end–to–end environmental sensing company by enabling customers to solve critical sensing, fusion and perception challenges across the entire value chain. The company offers cost–effective and scalable solutions such as LeddarVision, a raw–data sensor fusion and perception platform that generates a comprehensive 3D environmental model with multi–sensor configurations to support Level 2+ to Level 5 full autonomy. It is scalable to support all vehicle automation levels. In addition, LeddarTech supports LiDAR makers and Tier 1–2 automotive system integrators with LeddarSteer, a digital beam steering device, and the LiDAR XLRator development solution for automotive–grade solid–state LiDAR development based on the LeddarEngine and core components from global semiconductor partners. The company is responsible for several innovations in cutting–edge automotive and mobility remote–sensing applications, with over 100 patented technologies (granted or pending) enhancing ADAS and autonomous driving capabilities.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter, Facebook and YouTube.

Contact:
Daniel Aitken, Vice–President of Global Marketing, Communications and Investor Relations, LeddarTech Inc.
Tel.: + 1–418–653–9000 ext. 232
daniel.aitken@leddartech.com

Leddar, LeddarTech, LeddarSteer, LeddarEngine, LeddarVision, LeddarSP, LeddarCore, LeddarEcho, VAYADrive, VayaVision, XLRator and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.


GLOBENEWSWIRE (Distribution ID 8469090)

FloQast Celebrates 2021 as Landmark Year for Company Growth

LOS ANGELES, Feb. 03, 2022 (GLOBE NEWSWIRE) — FloQast, a provider of accounting workflow automation software created by accountants for accountants, today announced its Q4 and 2021 metrics, concluding a milestone year highlighted by international expansion, new product and company initiatives, industry accolades, and the biggest growth the company has seen since its launch. The company reported 97% year–over–year growth in annual recurring revenue (ARR) for the quarter, as well as 153% year–over–year growth in net new ARR for 2021. Further, with more than 1,500 customers globally, FloQast added 171 new customers in Q4. These milestones stem from the recent $110 million Series D funding, led by Meritech Capital, and further the company's leadership role in workflow automation technology.

"This past year, FloQast experienced exceptional growth across the board "" including funding, product and platform launches, customer acquisition and more "" making this one of the most important and successful years for the company since we were founded," says Mike Whitmire, inactive CPA, co–founder and CEO at FloQast. "This growth is a testament to the critical advances taking root across the accounting industry and highlights FloQast's ability to deliver next–generation technology to usher in a new era of modernization and change."

Over the course of 2021, FloQast experienced milestones in several key areas:

  • A successful $110 million Series D funding round, led by Meritech Capital, and a valuation of $1.2 billion, making the company a "unicorn workflow solution provider."
  • The receipt of 36 G2 badges in 2021, including:
    • #1 Leader in the G2 Momentum Grid, Fall 2021 and Winter 2022 Leader, Users Love Us, High Performer in Enterprise, Leader in Mid Market, and Winter 2022 Momentum Leader.
  • Notable Q4 customer acquisition includes prominent names such as Atmosphere TV, Demandbase, Valo Health, BioLegend Inc., Black Rock Coffee, Shenandoah Valley Organic, and more.
  • The launch of several new initiatives, tools and programs, including:
    • FloQast Ops, a new workflow manager solution that addresses upstream and downstream financial functions to deliver greater control and transparency across accounting operations.
    • FloQast ReMind, a new request management workflow add–on that automates manual tasks and delivers new levels of visibility across the close process.
    • FloQast Studios, a full–scale production arm of FloQast designed to create entertaining, engaging, and educational content by accountants for accountants.
    • Partnership with Donnelley Financial Solutions (NYSE: DFIN) to transform the financial close and reporting processes, especially for companies planning to go public.
  • Notable growth in EMEA including:
    • The opening of FloQast's London–based office.
    • 68 new customers "" notable Q4 logos include Revolut, Babylon Health, Watches of Switzerland, and Ironsource.
  • The appointment of several new executives to drive FloQast's success in 2022 and beyond, including:
  • The hosting of TakeControl 2021 in September, FloQast's third–annual user conference, drawing more than 2,000 industry professionals and recognizing world–class accounting professionals and FloQast customers excelling in their pursuit of operational excellence.
  • The receipt of several high caliber awards and accolades, such as inclusion in Built In's Best Place to Work list for the fourth year in a row, being named one of the Best Workplaces in the Country by Inc. Magazine, and one of the Best Places to Work by the Los Angeles Business Journal.
  • Reaching 1,000 users in the FloVerse, an online community platform for FloQast customers to network and collaborate.

This growth and momentum is made possible by FloQast's community of employees who are committed to making accountants and financial leaders' lives easier and more productive. Despite the challenges faced over the past two years during the pandemic, the company continues to excel in its performance, a credit to the team's commitment to customer service and excellence in pursuit of FloQast's overarching vision.

About FloQast
FloQast delivers workflow automation software enabling organizations to operationalize accounting excellence. Trusted by more than 1,500 accounting teams "" including Twilio, coinbase, Los Angeles Lakers, Zoom, and snowflake "" FloQast was built by accountants, for accountants to enhance the way accounting teams work. FloQast enables customers to streamline processes such as automated reconciliations, documentation requests, and other workflows that impact the month–end close, financial reporting, and payroll, and is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com


GLOBENEWSWIRE (Distribution ID 8468137)