Israeli co Valens in SPAC talks at $1.2b valuation - report

• Author: Globes correspondent
• Published date: 14 April 2021
• Date: 14 April 2021

The blank check company, which raised $115 million last July, is seeking to raise $100 million or more in new equity as part of the merger, which would value Valens at between $1 billion and $1.2 billion, one of the people told "Bloomberg."

"Bloomberg" added that a representative from Valens declined to comment and a representative for PTK Acquisition couldn't be immediately reached for comment.

The company was founded in 2006 by Dror Jerushalmi, Massad Eyal, Eyran Lida, Gaby Gur Cohen, Nadav Banet, and Alon Benzaray and is currently led by CEO Gideon Ben-Zvi. Only Lida (CTO) and Eyal (VP core technologies development) are still active in the company.

Valens has developed chips for the audio-video market including vehicle connectivity solutions and has raised $164 million according to Start Up Nation Central. Investors include Goldman Sachs Group Inc., Linse Capital, Oppenheimer Asset Management and Samsung Electronics Co.'s Catalyst Fund

"Bloomberg" reports, according to one of the people with...