De Rijkste Belgen newspaper reports that LiDAR startup Xenomatix raises 5M euros. 2M euros comes through the conversion of a bond loan, while 3M is a fresh investment by Carl Van Hool and AGC Automotive Europe, a part of Asahi Japan. XenomatiX and AGC
have partnered to develop a windshield-mounted LiDAR.
For a LiDAR commercialization, Xenomatix is said to need 10M euros. After the current round of financing, the company has 6.8M euros. In the fiscal year that ended in June 2018, Xenomatix was profitable with income of 0.6M euros. Xenomatix has 22 employees.
Profitable with 0,6M€ revenues and 22 employees... well... in Belgium salaries with tax for companies are worth rather 100K€ / person minimum... so I would guess they need to generate 2M€ revenues at least to be profitable... not even counting the needed investment in facilities, hardware, etc...
ReplyDeleteThe article mentions 600k profit, not 600k revenue.
ReplyDeleteWell... “profitable with income of 600k”. So I read it in the other way that 600k are actual revenues...
DeleteIt is incredible how such start-ups can even survive a year at those levels of human resource costs. That sounds like a very risky investment, with questionable gains in the long run... the automotive LIDAR market nowadays can be particularly cruel.
ReplyDeleteIn the publications of the "Kruispuntbank", one can read that from 01-07-2017 till 30-06-2018, the company actually had a Gross Margin of 672k EURO, with net profit of 38k. The Gross Margin publication is a way not to publish the revenues.
ReplyDelete