TechCrunch Industry News Luminar sale approved despite last-minute mystery bid
Jan 29, 2026
A surprise, substantially higher last-minute bid shook up a bankruptcy sale for an autonomous-sensor company. Legal teams weighed defects in the offer and kept a $33M buyer in place. The founder is suspected of making insider moves while courts approve asset transfers and buyers outline plans to absorb tech and staff. Funding sources and bidder identities remain murky.
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Mystery Bid Failed Due To Financing Flaws
- An unidentified high bid emerged at the last minute but was rejected due to flaws in its financing and structure.
- Luminar proceeded with Microvision's $33 million offer and won court approval for the sale.
Founder Likely Behind Last-Minute Offer
- The mysterious insider bidder was likely founder Austin Russell, who had tried to buy Luminar before bankruptcy and resigned as CEO.
- Russell's interest in reacquiring the LiDAR business continued through his new firm, Russell AI Labs.
Microvision Sees LiDAR As Automotive Entry
- Microvision will acquire Luminar's LiDAR tech and remaining staff, aiming to integrate long-range sensing into its portfolio.
- CEO Glenn DeVos sees this as an entry point to automotive markets and hopes to revive strained OEM deals.