Guess who? Yep, you got it... another LiDAR target.

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Automotive technology company Cepton Technologies Inc. is in discussions to go public through a reverse merger with a blank-check company, according to people familiar with the matter.

The San Jose, California-based startup is seeking to combine with Growth Capital Acquisition Corp. (GCAC: $9.72) in a deal that is valued at about $1.5 billion including debt, said one of the people, who asked not to be identified because the matter is private.

A deal for Cepton, which makes the so-called lidar technology that tracks a vehicle’s external environment, is expected to be announced as soon as this week, the people said. A final agreement hasn’t been reached and talks could still end without one, they said.

Representatives for Cepton and Growth Capital declined to comment.

Cepton would be the latest in a string of lidar technology startups to go public via a special purpose acquisition company, or SPAC. That group includes Luminar Technologies Inc., Velodyne Lidar Inc. and Innoviz Technologies Ltd.

Lidar is among the most expensive components of autonomous vehicles and is key to enabling more advanced self-driving features. With the promise of fully autonomous robotaxis still years away, lidar companies are targeting more-limited features in passenger cars and products such as industrial robots and consumer devices.

Cepton, started in 2016, is run by co-founder and Chief Executive Officer Jun Pei, who also previously worked at Velodyne, according to the company’s website. The company said in a statement last month that it secured a lidar production award with a Detroit-based global automotive manufacturer in a partnership with Japan’s Koito Manufacturing Co., which is also an investor.

Bill Ackman’s hedge fund Pershing Square Capital Management LP is in discussions to raise $1 billion to help fund its bet on Vivendi SE’s Universal Music Group, according to people with knowledge of the matter.

The firm is set to raise the capital, which would supplement $3 billion of its own capital, via a so-called sidecar vehicle, the people said. It would represent Pershing’s seventh co-investment vehicle, and facilitate the purchase of a 10% stake in UMG, one of the people said.

A Pershing representative declined to comment.

The hedge fund last month assumed the share purchase agreement from Pershing Square Tontine Holdings Ltd. (PSTH: $20.12), after the special purpose acquisition company abandoned the transaction amid opposition from investors and U.S. regulators.

The original deal called for Ackman’s blank-check company to acquire a 10% stake in UMG, the home of artists including Taylor Swift, Drake and Billie Eilish. When that deal fell apart, Ackman said his hedge fund had committed to acquiring a 5% to 10% stake in the company.