Trinity Capital, a specialty lending company that provides debt, including loans and equipment financing, provided a $25 million growth capital facility to Cepton Technologies, a provider of lidar-based solutions for automotive, smart cities, smart spaces and smart industrial applications.

The transaction was completed prior to the closing of Cepton Technologies’ merger with Growth Capital Acquisition, which lead to the company’s rebrand as Cepton Inc.

Cepton has drawn $10 million under the facility and has the option to draw an additional $15 million at any time prior to July 1, 2022, subject to the conditions under the agreement. The team at Cepton, which is based in San Jose, CA, expects to use the loan proceeds for scaling operations.

“Cepton is at the forefront of a massive digital transformation toward automation, providing its cost-effective lidar technology to companies who are making automation happen across a wide range of commercial applications,” Bob D’Acquisto, managing director of Trinity Capital, said. “Their market position, coupled with their proprietary technologies, make them a great fit for our portfolio. We are excited to support Cepton [in achieving] its goal of deploying high performance, mass-market lidar to deliver safety and autonomy.”

“Trinity has been a great financial partner throughout this process, providing us with a best-in-class financing solution to grow our business,” Jun Pei, CEO of Cepton, said. “We have strengthened our capital position to execute our strategic initiatives and pursue platform expansion opportunities. As a result, we are better positioned than ever to drive meaningful adoption of our lidar technology that will enable safe autonomous transportation for everyone.”