Luminar, a manufacturer of LiDAR sensors, has filed for bankruptcy and sold part of its business to Quantum Computing.

 

Luminar Technologies, a manufacturer of LiDAR sensors for autonomous vehicles, has filed for Chapter 11 bankruptcy. The next step is to sell its LiDAR business to pay creditors, a plan already secured.

In addition, Luminar has agreed to sell its Luminar Semiconductor subsidiary to the quantum computing technology company Quantum Computing for $110 million.

A major contributing factor to Luminar's bankruptcy filing stems from the revelation last month that Volvo, a key long-term LiDAR supplier, cancelled its contract. Luminar stated that it has attempted to claim compensation but may not receive it.