CPRO Electronics
Definitive (DA signed)Technology · Video surveillance / AI security cameras · Seongnam-si, Gyeonggi-do (Seoul metro), South Korea · founded 1996
- What it is
- Designs and manufactures AI/network/analog surveillance cameras and AI appliances (Ambarella-SoC based, NDAA/TAA-positioned) sold through distribution and project channels for banking, gaming, schools, hospitals, residential, traffic and retail; layered with recurring cloud data/analytics sales (RetailTrend) that monetize Edge-AI camera data for retailers; affiliated with the Digital Watchdog (DW) brand, listed as a family brand/site.
- What it’s doing now
- Merging with Lakeshore III (LCCC) — definitive (da signed), announced May 22, 2026; expected close Q4 2026.
- What you should know
- The real share count puts the effective valuation 47% above the announced $185M.
The business, per its filings
SEC primaryCPRO Electronics Co., Ltd. is a Korean video-surveillance manufacturer (website: established 1996, ~30 years in security; Vietnam factory since 2013; 30+ patents; HQ/factory in Seongnam-si, R&D center in Seoul) that researches, develops, manufactures and sells AI security products - Edge AI network/analog cameras (AI multi-sensor, fisheye, PTZ, LPR), 'AI Bridge' and AI Server appliances - plus a cloud retail-analytics service, RetailTrend (path-tree, footfall counting, gender/age, zone traffic, heatmaps), selling customer-behavior data to store owners and large retail chains; founder, chairman and CEO is Young-Soo Lee. NO SEC-REPORTED FINANCIALS YET: the deal (Merger Agreement dated 2026-05-22 with Lakeshore Acquisition III Corp., Nasdaq LCCC) was announced 2026-05-26 and the F-4 with CPRO's audited financial statements has not been filed as of 2026-08-14, so no accession-provable revenue exists; the company's own website claims 'Total Revenue in 2020 $73 Million' (web claim only, not an SEC figure) and it is plainly an operating, revenue-generating manufacturer, not a paper company. Deal: $185M Base Purchase Price paid entirely in stock at $10.00/share, adjusted DOWN dollar-for-dollar to the extent Target Group indebtedness at closing exceeds US$26,000,000 (i.e. the structure anticipates up to ~$26M of debt); implied pro-forma enterprise value ~$326M assuming no redemptions; expected close Q4 2026.
Source: 8-K, accession 0001929980-26-000235 · as of May 26, 2026 · extraction confidence: medium
What the company says about itself
Web research — not audited'Smart technology for security and surveillance': 26+ years of video-security expertise, company establishment 1996, Vietnam factory 2013, 30+ registered patents, self-reported total revenue of $73M in 2020, deep-learning AI video analytics on high-performance Ambarella SoCs; brands CPRO, RetailTrend and Digital Watchdog (DW).
- Markets:
- Banking, Gaming, School, Hospital, Residential, Traffic, Retail
- Products:
- Network cameras (AI multi-sensor, fisheye, PTZ, turret, dome, bullet, box, LPR, E-Series), analog cameras, AI Bridge / AI Server appliances, IPVMS/NVR/DVR (DW Spectrum ecosystem), RetailTrend retail-analytics SaaS
- Customers:
- Large retail chains and security-channel customers; no individual customers named; 'Top Security 50' listee for 11-16 years per site
Press release says '30 years of industry experience'; site history says company established 1996 (~30 yrs, consistent). Site's $73M 2020 revenue claim is unverifiable against SEC filings until the F-4 lands.
Source: https://www.cpro-cam.com/m611.php · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
CPRO Electronics is merging with Lakeshore III (LCCC), a $69M SPAC currently marked Deal announced and trading at $10.53 against $10.06 in trust per share.
| Headline equity value | $185M |
| Effective valuation (all shares) | $271M+47% vs headline |
| Sponsor promote | 20% |
Structure per SEC accession(s) 0001929980-26-000419, 0001929980-26-000235. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
What the filings actually value
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for CPRO Electronics appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
All figures above are stated in EX-99 press release0001929980-26-000235
EX-99 press release, 0001929980-26-000235: proFormaEnterpriseValueM "approximately $326 million" — the sponsor rounding its own figure. A press release is a party's own claim, not a filed table: any stated capitalisation table supersedes it.
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for CPRO Electronics, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $326M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Pro-forma enterprise value as filed.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $7.02 on the open market. Median of 3 listed companies we judged a true comparable, which individually run from 2.4× to 8.22×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- 002415.SZ, CSAI, 002236.SZ, AISP, 143160.KQ, NSSC, NTSK, GRRR have no revenue to divide by, so they are shown but left out of the peer median.
- DLTR shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| 002415.SZ | HIKVISION | — | — | — | Hikvision is the global market leader in exactly CPRO's product line - network/AI surveillance cameras and video analytics at manufacturing scale. |
| CSAI | Cloudastructure Inc | $19M | — | — | Operational comp: Security Services; micro-cap ($19m); shares surveillance, video, cameras, security, cloud, service with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| 002236.SZ | DAHUA INC | — | — | — | Dahua Technology is the #2 global video-surveillance manufacturer; with Hikvision it sets the price/margin environment CPRO competes in. |
| AISP | Airship AI Holdings Inc | $99M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($99m); shares surveillance, cameras, video, edge, sensor, large with the target's own description; forward EV/Sales 2.1x.more ▾less ▴ |
| 143160.KQ | IDIS | — | — | — | IDIS Co. is the closest home-market comp: a KOSDAQ-listed Korean video-surveillance camera/NVR maker of comparable scale also selling NDAA-positioned product into the U.S.more ▾less ▴ |
| NSSC | NAPCO Security Technologies, Inc. | $1.1B | — | — | Operational comp: Security & Surveillance; small-cap ($1.1bn); shares surveillance, video, cameras, security, manufacturer, manufactures with the target's own description; forward EV/Sales 6.2x.more ▾less ▴ |
| AMBA | Ambarella, Inc. | $3.6B | 8.2x | — | Ambarella supplies the edge-AI vision SoCs CPRO's site says power its cameras - the listed pure-play on the edge-AI camera silicon cycle CPRO rides. |
| NTSK | Netskope, Inc. | $5.8B | — | — | Operational comp: IT Services & Consulting (NEC); mid-cap ($5.8bn); shares security, behavior, analytics, web, cloud, selling with the target's own description; forward EV/Sales 6.6x.more ▾less ▴ |
| MSI | Motorola Solutions, Inc. | $77.0B | 7.0x | 22.9x | Motorola Solutions (Avigilon/Pelco) is the large-cap western AI video-security platform CPRO's NDAA/TAA positioning targets as channel and competitor. |
| ARLO | Arlo Technologies, Inc. | $1.5B | 2.4x | 62.7x | Arlo is a small-cap listed camera hardware company that layered recurring cloud analytics revenue on device sales - the same hardware-plus-cloud-data model CPRO pitches with RetailTrend.more ▾less ▴ |
| GRRR | Gorilla Technology Group Inc | $286M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($286m); shares video, security, analytics, appliances, network, center with the target's own description; forward EV/Sales 1.7x.more ▾less ▴ |
| DLTRcontext only | Dollar Tree Inc | $23.4B | — | — | Adjacent: Discount Stores with Grocery — the businesses read alike, the vendor classification does not agree; large-cap ($23.4bn); shares dollar, tree, paper, price, retail, operating with the target's own description; forward EV/Sales 1.3x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is CPRO Electronics going public?
CPRO Electronics has a signed merger with the SPAC Lakeshore III (LCCC), announced May 22, 2026. Deal status: Definitive (DA signed).
What is CPRO Electronics's SPAC deal valuation?
The announced headline equity value is $185M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $271M, 47% above the headline.
Was CPRO Electronics bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for CPRO Electronics, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $326M regardless.
Does CPRO Electronics have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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