MicroVision just emerged as the winning bidder in the closely-watched Luminar bankruptcy auction, putting up $33 million for the fallen lidar pioneer's core sensor business. The Redmond-based lidar developer beat out Quantum Computing Inc.'s $28 million counteroffer in a Monday court auction, setting the stage for major consolidation in an autonomous vehicle sensor market that's been hemorrhaging cash for years. The sale, pending judicial approval at a Tuesday hearing, marks a stunning fall for Luminar - once valued at billions during the SPAC boom - and signals that the lidar shakeout everyone predicted is finally here.
MicroVision just pulled off what could be the most significant lidar consolidation deal yet, outbidding rivals with a $33 million offer for Luminar's core sensor business in a bankruptcy auction that wrapped Monday. The move marks a dramatic power shift in an industry that's been desperately seeking a lifeline as autonomous vehicle timelines stretch and cash burns intensify.
The Redmond, Washington-based sensor developer topped the $28 million counteroffer from Quantum Computing Inc., which had entered the process as the stalking horse bidder at $22 million just weeks ago, according to new bankruptcy court filings. Quantum Computing apparently hit its ceiling and walked away, leaving MicroVision to scoop up the IP, talent, and customer contracts that Luminar spent years building.
"It's no secret that the lidar market has been ripe for disruption and in need of further consolidation," MicroVision CEO Glen DeVos said in a statement Tuesday. The acquisition gives MicroVision control of Luminar's Iris and Halo lidar sensors, key engineering and operations personnel, inventory stockpiles, and existing commercial orders - essentially the entire operational backbone of what was once a multi-billion dollar SPAC darling.
