Sylebra supports Aeva and InterPrivate merger

Sylebra Capital has committed to invest $200 million to back the merger of Aeva Inc and InterPrivate Acquisition Corp.

Sylebra Capital has committed to invest $200 million to back the merger of Aeva Inc and InterPrivate Acquisition Corp. Aeva is a creator of the next-generation of sensing and perception for autonomous vehicles while InterPrivate is a blank check company backed by private investment firm InterPrivate. Aeva’s backers include Adage Capital, Porsche SE, Lux Capital and Canaan Partners.


MOUNTAIN VIEW, Calif., Jan. 4, 2021 /PRNewswire/ — Aeva, Inc. (“Aeva” or the “Company”), a leader in next generation 4D LiDAR sensing and perception systems, and InterPrivate Acquisition Corporation (“InterPrivate”) (NYSE: IPV), announced today that Sylebra Capital (“Sylebra”), the global technology investment firm, has entered into an investment agreement to support the expected business combination between Aeva and InterPrivate.

Under the terms of the agreement, Sylebra, a current holder of InterPrivate common stock, has committed to purchase an additional $200 million of InterPrivate common stock in connection with the expected closing of the business combination. Sylebra has also entered into a one-year lock-up agreement on the majority of its investment, and will vote all eligible shares in favor of the transaction. The investment significantly exceeds the minimum cash requirement contemplated by the business combination agreement, paving the way for the completion of the transaction in Q1 2021.

“This investment by Sylebra provides a major vote of confidence in Aeva’s business model and growth plans. Proceeds from this investment will further accelerate our ability to capitalize on customer demand for Aeva’s industry-leading 4D LiDAR on a chip technology in the automotive, consumer, and industrial markets,” said Soroush Salehian, Co-Founder and CEO at Aeva.

“We founded Sylebra with the vision of backing innovative companies that have the potential to become category leaders in large, addressable markets where fundamental technology differentiation will ultimately make them ubiquitous,” said Dan Gibson, Sylebra’s Chief Investment Officer. “We have conducted thorough diligence on the LiDAR and perception industry and believe that Aeva’s approach is best-in-class. We are impressed with what Mina, Soroush and their team have built and we are excited to be part of this journey,” he added.

Ahmed Fattouh, Chairman & CEO of InterPrivate added, “We are excited to welcome Sylebra as a long-term investment partner. The combined proceeds from this financing, the previously announced private placement, and InterPrivate’s cash in trust are now expected to exceed $560 million. Upon closing, Aeva will have a strong balance sheet to pursue strategic opportunities to realize mass market adoption.”

1All dollar amounts included in this press release assume there are no redemptions from the InterPrivate trust account in connection with the closing of the business combination.

About Aeva
Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk, and led by a multidisciplinary team of engineers and operators, Aeva is building the next-generation of sensing and perception for autonomous vehicles and beyond. Aeva is backed by Adage Capital, Porsche SE, Lux Capital and Canaan Partners, amongst others.

Aeva is currently working with 30 of the top OEM and automotive industry players, has received strategic investments from Porsche SE, the majority shareholder of VW Group, and has partnered with some of the largest Tier 1 automotive suppliers, including a production partnership with ZF.

In November 2020, Aeva announced it entered into a definitive agreement to merge with InterPrivate Acquisition Corp (NYSE: IPV), a publicly traded special purpose acquisition company, in the first quarter of 2021. The combined company is expected to be listed on the New York Stock Exchange under the ticker symbol, “AEVA”. For more information, visit

About InterPrivate Acquisition Corp.
InterPrivate is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. InterPrivate is controlled by affiliates of Ahmed M. Fattouh, Chairman and Chief Executive Officer, and InterPrivate LLC, a private investment firm founded by Mr. Fattouh that invests on behalf of a consortium of family offices in partnership with independent sponsors from the private equity and venture capital industries. InterPrivate focused its efforts on evaluating business combination targets by leveraging InterPrivate’s network of independent sponsors, family offices and private equity and venture capital firms. InterPrivate is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012. For more information, visit

About Sylebra
Founded in 2011, Sylebra is a global investment manager specializing in technology, media and telecommunications (TMT) companies in the early stages of their life cycle, where greater technology innovation has the power to create new markets and disrupt existing ones.

Sylebra seeks to cut through the complex, dynamic and rapidly evolving space to generate portfolios of differentiated ideas with the desired outcome of delivering high absolute returns, high alpha and low correlation.

Sylebra is led by Chief Investment Officer, Dan Gibson and currently manages ~$4 billion on behalf of sophisticated institutions around the world, from pre-eminent endowments and foundations to major pension funds.