A technology company developing sensors for drones and mobile devices has
raised $500,000 in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.

The company, Sense Photonics Inc., raised the money from three investors, according to the filing.

Started in 2016, the company specializes in developing “Light Detection and Ranging” sensors, also known as LiDAR. These sensors are necessary for many industries, especially autonomous vehicles that use the sensors to create 3D maps of the vehicles surroundings.

Goldman Sachs predicts that the LiDAR industry will grow to more than $100 billion in the next 20 years.

Scott Burroughs is the chief executive officer and co-founder of Sense Photonics. Before the company was founded last year, Burroughs was the executive vice president of manufacturing and technology development at Semprius Corp.

The other founder and chief commercial officer leading the company is Russel Kanjorski, who also worked at Semprius as the vice president of business development before creating Sense Photonics with Burroughs.

Companies relying on Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.