Quanergy Systems (Quanergy), a provider of LiDAR sensors and perception software, has successfully completed its Chapter 11 sale, first announced in December last year. The US Bankruptcy Court for the District of Delaware confirmed a group of investors that includes its former board member Tamer Hassanein as the winning bidder for the company’s assets.

The investors acquired the Quanergy name brand and will continue to provide LiDAR sensors and 3D solutions, but will now focus on physical security, smart spaces, and industrial automation markets, shifting away from the automotive industry.

Analyst QuickTake: Today is not the first time a LiDAR company mentioned its intention to move away from automotive-grade LiDAR to other applications. In fact, peer LiDAR maker Ouster too announced its plans to focus more on LiDAR for smart infrastructure, as opposed to automotive-grade LiDAR targeted at self-driving cars and advanced driver assistance systems (ADAS), after its merger with Velodyne. Even though autonomous vehicles and ADAS are both considered promising areas of growth for LiDAR, since these technologies are still in the development stages, they may not generate much revenue for LiDAR companies in the near term. This might provide additional rationale for companies to redirect their focus.