"After launching in 2017, Luminar muscled its way to the front of the autonomous vehicle industry as a top maker of lidar systems, a key technology that driverless cars use to sense the shapes and distances of objects around them. Luminar has sold sensors to Mercedes-Benz, Volvo, Audi, Toyota Research Institute, Caterpillar, and even Tesla, which has dismissed lidar sensors in favor of traditional cameras."
"As part of its bankruptcy, Luminar is seeking permission to sell both its lidar and semiconductor businesses, the latter of which it has already agreed to sell to Quantum Computing for $110 million. The company plans to continue to operate during the bankruptcy proceedings "to minimize disruptions and maintain delivery of its LiDAR hardware and software." That said, Luminar will cease to exist once the process is complete."
"In addition to Russell's ouster, the company has been through several rounds of layoffs as it sought to restructure its workforce. Russell resurfaced earlier this year in an attempt to reclaim the company he lost by acquiring 100 percent of its Class A shares under the auspices of his new company, Russell AI Labs. This all led to Volvo announcing that it would be dropping Luminar lidar from its 2026 models due to limited supply of the hardware."
Luminar filed for bankruptcy amid a legal dispute with founder and former CEO Austin Russell, who was ousted earlier this year after an ethics inquiry. The company is seeking court approval to sell its lidar and semiconductor businesses, and has agreed to sell the semiconductor unit to Quantum Computing for $110 million. Luminar will continue operating through the bankruptcy to minimize disruptions and maintain delivery of LiDAR hardware and software, but will cease to exist once the process completes. The company has sold sensors to multiple major automakers and went public via a SPAC reverse merger in 2020.
Read at The Verge
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