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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In preparing the audited consolidated financial statements as of December 31, 2022, the Company has evaluated subsequent events through February 28, 2023.
In January 2023, the Company executed an asset purchase agreement with Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”) and concurrently completed the acquisition of certain fixed assets, inventory and intellectual property related to Seagate’s lidar-related projects and obtained a license to certain patents and other intangibles for an aggregate cash consideration of $12.6 million. Additionally, the Company hired certain former employees of Seagate who had been working on the above projects.
In February 2023, the Company executed an agreement with Swiss Re Solutions Ltd (“Swiss Re”) for use of certain of Swiss Re’s tools and services for assessment of the Company’s technology for purposes of potentially developing an insurance product and Swiss Re potentially providing reinsurance and other services. The Company agreed to pay Swiss Re $4.0 million in consideration for these services over 4 years, of which $1.0 million is non-cancelable. The Company may at its sole discretion pay the consideration owed to Swiss Re either in cash or shares of Class A common stock.