A Velodyne LiDAR sensor is seen mounted on a self-driving vehicle during a self-racing cars event at Thunderhill Raceway in Willows, California, U.S., April 1, 2017. REUTERS/Stephen Lam

(Reuters) - Autonomous vehicle technology company Velodyne Lidar has hired bankers for an initial public offering, Business Insider reported on Saturday, citing sources familiar with the process.

The San Jose, California-based company is working with Bank of America Merrill Lynch, Citigroup Inc, Royal Bank of Canada, and William Blair for a potential IPO, the report said.

Velodyne is looking to surpass its private valuation of $1.8 billion and go public before the end of 2019, Business insider added, citing a source.

Nikon Corp invested $25 million in the self-driving car technology company in December 2018.

Velodyne Lidar did not respond to Reuters’ request for comment outside regular business hours.