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Title : LiDAR Startup Oryx Vision Shuts Down
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LiDAR Startup Oryx Vision Shuts Down

CTech: Israeli LiDAR startup Oryx Vision shuts down. Over the past 3 years, the company has raised $67M and now is in process of returning the remaining $40M to its investors.

The field has changed immensely since the company started its operations, and all the players in the field of LiDAR now understand that autonomous vehicles will take more time to become mainstream than was originally thought, Oryx CEO Rani Wellingstein says, “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."

The company founders CTO David Ben-Bassat and CEO Rani Wellingstein tried to sell Oryx, but were not successful. "There was a lot of deliberation and investors were prepared to keep going, but we saw that LIDAR was becoming a game of giants and as a small company, it would be difficult to continue operating and return investments."

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