Low-Cost LiDAR Startup Oryx Vision Shuts Down – CTech Founded…

Low-Cost LiDAR Startup Oryx Vision Shuts Down – CTech

Founded in 2009, Oryx developed a light detection and ranging camera system (LiDAR) for autonomous cars, and has raised $67 million before shutting down its operations. 

“Currently, the architecture of the autonomous vehicle is simply not converging, so a venture-backed company will not be able to justify the investment that will still be needed,“ Wellingstein explained.

Faced with the decision to shutter its doors, Wellingstein and Ben Bassat tried to sell Oryx, but were not successful. They are currently working towards returning the remaining $40 million to investors.

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