Ibeo, pioneer of LiDAR sensor technology, files for insolvency

The global supplier of LiDAR sensors, Ibeo Automotive Systems GmbH, filed for bankruptcy, and the Hamburg insolvency court authorized insolvency proceedings under self-administration. All divisions of the business are still operating at full capacity in Hamburg, Germany; Eindhoven, Netherlands; and Detroit, Michigan.

Ibeo’s management continues to have complete control over all aspects of business operations. The business's management team is currently looking at possible company restructuring possibilities and driving the search for a new investor.

Management team at Ibeo is hoping to locate a Hamburg-Rahlstedt-based investor in the field of autonomous driving. They have been in talks with investors since May 2022.

The reason for insolvency has said to be because it was unable to secure further growth financing. According to Ibeo, insolvency will be used as a procedure to keep as many employees and the business as feasible.

“We continue to believe in our market-leading technology, our highly qualified employees, and our business model and see a large future market for Ibeo’s lidar sensors. We are optimistic that Ibeo’s future technologies have very good chances in the booming global autonomous driving market. This makes Ibeo attractive for an investor,”  Managing Director and CEO Dr. Ulrich S. Lages said.

In a live video call, Lages and Christophe Minster, Ibeo's managing director and COO, briefed the staff on the issue and the company's next move. More than 400 corporate employees have contracts that guarantee their salary and wages through the end of November.

Brinkmann & Partner's restructuring specialists are assisting the management team of the company. The district court has designated Dr. Tjark Thies, an insolvency expert from the law firm Reimer Rechtsanwälte, as the interim administrator. Additionally, a provisional creditors' committee was established, on which representatives of the employment agency, lenders, suppliers, and workers can be found.

This article was published on October 22nd by The Robot Report.

Find the article here:

LiDAR maker Ibeo files for insolvency - The Robot Report

Ibeo Automotive Systems GmbH, a global provider of LiDAR sensors, has filed for insolvency.

The Robot ReportBrianna Wessling