LiDAR maker files for bankruptcy

Quanergy Systems is a provider of LiDAR sensors and smart 3D solutions for IoT and automotive applications. Quanergy’s smart LiDAR products enable enterprises to leverage real-time, 3D insights in multiple industries, including industrial automation and smart cities. Last month, Quanergy announced an industry-first 3D LiDAR movement-based false alarm reduction solution. The latest Qortex DTC 3D was supposed to improve classification accuracy, aiming to reduce critical infrastructures’ physical security costs.

Despite the new release, this month Quanergy filed for bankruptcy and is now looking for a buyer. Citing volatile capital market conditions, the whole LiDAR industry has been going through a rough financial period.

Read the press release and share your thoughts. Will innovations and growth opportunities in Lidar Sensors for IoT resume in 2023?