Quanergy is no longer publicly talking about its IPO, and has been seeking a new round of financing in recent months. According to people familiar with the matter, Quanergy has begun to talk about potential buyers. Another person who knows the company's situation said that Quanergy's investors, Samsung Ventures and automotive laser sensor sensor Sensata Technologies were disappointed with the startup's performance.
According to Bloomberg News, a spokeswoman for Sensata Technology, Alexia Taxiarchos, said that Sensata Technology is still looking forward to Quanergy. She said: "The tricky technical issues involved in developing lidar sensors require A certain amount of time to solve." An investment manager at Samsung Ventures said the company believes that Quanergy's laser pointer radar technology is ahead of its competitors and has achieved significant results in the security arena. The investment manager said that Samsung knows that Quanergy may complete a new round of financing. A Quanergy spokesperson "has no hesitation to deny" that the company is looking for buyers.
In August of this year, Quanergy co-founder and CEO Louay Eldada acknowledged the flaws in the early products of the laser pointer in an interview with Bloomberg News and said that these products have now been improved. But product flaws have led to some criticism from competitors, but Eldada insists that its auto partners are still optimistic about Quanergy.
Eldada denied that Quanergy had problems with its investors or Mercedes-Benz and added that Quanergy was one of the final "finalists" to provide laser pointer radar to automaker Mercedes-Benz. According to Eldada, Quanergy currently has more than 5,000 customers, but no more details can be provided for reasons of laser pointer competition.