Quantum Computing to Acquire Luminar's Lidar Unit for $22 Million Amid Bankruptcy
Quantum Computing, Inc. (QCi) plans to acquire Luminar Technologies' lidar business unit for $22 million, pending approval from the US Bankruptcy Court. This acquisition follows QCi's earlier agreement to purchase Luminar's photonics business for $110 million, as Luminar seeks to recover from Chapter 11 bankruptcy. QCi aims to leverage Luminar’s assets to enhance its photonics platform and advance its quantum sensing applications.
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Quantum Computing, Inc. (QCi) aims to acquire Luminar Technologies' lidar business unit for $22 million, pending US Bankruptcy Court approval. This follows QCi's previous agreement to purchase Luminar's photonics business for $110 million.
Luminar entered Chapter 11 bankruptcy last year after losing key customer Volvo and the resignation of CEO Austin Russell. QCi, which focuses on thin-film lithium niobate technology, raised $500 million in a private stock placement and reported $550 million in cash and investments as of September 30.
QCi's CEO emphasized the strategic fit of Luminar’s assets to enhance their photonics platform and accelerate commercialization of advanced technologies. Luminar’s operating loss for the first nine months of last year was $186 million on $53 million in sales. The acquisition is part of QCi's strategy to expand into quantum sensing applications.
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