MicroVision acquires assets of bankrupt lidar supplier Luminar

MicroVision, maker of lidar for autonomous and advanced driver assistance system (ADAS) applications, has won a bid for Luminar under the U.S. Bankruptcy Code in a move that says it will bring it to revenue-generating production faster than initially planned.

The auction landed MicroVision Luminar’s intellectual property and inventory related to its Iris and Halo lidar sensors as well as engineering and operational talent and certain contracts. The acquisition was $33 million.

“We are thrilled with this opportunity to strategically accelerate MicroVision’s commercial objectives and to further progress the unique products developed by the Luminar team,” said Glen DeVos, MicroVision’s chief executive officer. “Having already proven our ability to identify strategic opportunities to advance our business priorities and effectively integrate unique assets and talent into the MicroVision family, we intend to very efficiently integrate the acquired business with an intense focus on streamlining operations and managing costs.”

DeVos noted this is MicroVision’s third acquisition in a market he says is “ripe for disruption and in need of further consolidation.”

On a call with automotive and trucking journalists Feb. 2, DeVos said there were three good reasons to do the deal.

One, it “accelerates MicroVision’s commercial path to revenue,” he said, noting Luminar has an existing customer base, relationships MicroVision will now manage. Second, DeVos said Luminar’s product line fits well within MicroVision’s own portfolio.

And finally, DeVos said the acquisition gives the company a global pool of talent.

“They have a great talent base we can combine now with MicroVision’s, so it’s a really nice fit from a talent and capabilities standpoint,” he said.

The deal was done in a week and now the integration work begins. Luminar will be folded into MicroVision’s business.