Arbe Robotics announced a $ 722 million SPAC merger

Israeli 4D radar development company Arbe Robotics and Industrial Tech Acquisitions (ITAC) (Nasdaq: ITAC) announced a merger agreement. After the merger is complete, Arbe Robotics will trade on Nasdaq under the “ARBE” mark. ITAC is a blank check company or Special Purpose Acquisition Company (SPAC), which raised funds for the purpose of merging with a technology company. The combined company was valued at $ 722 million. The deal will provide up to $ 177 million in total revenue, including a contribution of up to $ 77 million in cash held in an ITAC credit account and $ 100 million from fully committed PIPE from investors including M&G Investment Management, Varana Capital and Texas Ventures, Eyal and Aldman. Tel Aviv-based Arbe Robotics was founded in 2015 by CEO Kobi Marenko, and CTO Dr. Noam Arkind and COO Oz Fixman, who have raised $ 55 million so far. Arbe’s 4D radar imaging chip solution allows for high-precision sensing for safe driver assistance systems and autonomous vehicles. Arbe’s 4D imaging radar separates, tracks, and identifies objects with 2K accuracy in both azimuth and elevation, which can alert autopilot, emergency braking or steering features at the right moment. “We expect that the proposed combination of Arbe and Industrial Tech will allow us to turn our vision into reality, creating an independent future driven by the outstanding, truly secure and commercially viable 4D imaging technology. We are extremely excited about the opportunity to partner with ITAC, and we expect ITAC’s substantial expertise to assist in Build and invest in disruptive technology companies to bring our pioneering technology to a wider market. ”Added Scott Crest, Chairman and CEO of ITAC,“ Arbe is the market leader with the first mover advantage in high-resolution 4D imaging radar technology. The company is at an inflection point. Exciting, with a technology platform ranked by size superior in terms of performance and efficiency. We expect that Arbe’s projected fabless high-growth business model, with outsourcing to manufacturing, will provide a high level of scalability, positioning the company in a niche for commercial success in the automotive markets. We are very excited about the opportunity to partner with the corporate leadership team, who have a proven track record as executives in a public company, and who have created a ready technology business. The birth of the market and its expansion. Related materials Israeli 4D imaging radar company Arbe Robotics has raised $ 32 million over the past four months, three other Israeli automotive technology companies REE, Otonomo and Innoviz announced SPAC mergers worth $ 3.1 billion, $ 1.4 billion and $ 1.4 billion The trend of SPAC merger has also extended to other Israeli technology sectors. Content recommendation firm Taboola announces a $ 2.6 billion SPAC merger, eToro announces a $ 10.4 billion SPAC merger, and digital payments company Payoneer announces a $ 3.3 billion SPAC merger Dollar.Published by Globes, Israel business news – en.globes.co.il – on March 18, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021