Luminar

Luminar secures up to $200M following CEO departure and layoffs

Lidar company Luminar reached a deal with Yorkville Advisors Global and another unnamed investor that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period. The agreement, which was announced in a regulatory filing Wednesday, follows an abrupt change in leadership and layoffs. Earlier this month,

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Luminar kicks off another round of layoffs amid CEO’s sudden resignation

Luminar, the lidar company founded by recently replaced CEO Austin Russell, is going through another restructuring, according to a recent regulatory filing. This new round of layoffs, which the company did not provide figures for, follows extensive cuts to the workforce in 2024. Luminar cut about 30% of its workforce in 2024, a reduction that

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Billionaire founder of Luminar replaced as CEO following ethics inquiry

Austin Russell, who became a billionaire after his lidar startup Luminar went public, appears to be out as CEO, according to the company’s board. Luminar’s board announced Wednesday — the same day of its first-quarter earnings report — it had replaced Russell and appointed Paul Ricci to the role. Ricci is the former chairman and

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TechCrunch Mobility: Google’s Gemini is coming to your car, chaos comes for Luminar, and the Amazonification of Uber 2.0

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! OK, who placed their bet on General Motors being the landing spot for Aurora co-founder and chief product officer Sterling Anderson? Not me. But here we are.

TechCrunch Mobility: Google’s Gemini is coming to your car, chaos comes for Luminar, and the Amazonification of Uber 2.0 Read More »

Billionaire founder of Luminar replaced as CEO following ethics inquiry

Austin Russell, who became a billionaire after his lidar startup Luminar went public, appears to be out as CEO, according to the company’s board. Luminar’s board announced Wednesday — the same day of its first-quarter earnings report — it had replaced Russell and appointed Paul Ricci to the role. Ricci is the former chairman and

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Luminar cuts 20% of staff and outsources lidar production

Lidar company Luminar is slashing its workforce by 20% and will lean harder on its contract manufacturing partner as part of a restructuring that will shift the company to a more “asset-light” business model, as it aims to scale production. The cuts will affect around 140 employees, and are starting immediately. Luminar is also cutting

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