#PROFILE LUMINAR LUMINAR SPAC THURSDAYOHNSMANFORBES SOFTWARE#
Luminar Chief Executive Austin Russell said in an interview that the company has nine advanced development deals with automakers, meaning the automakers have begun customizing their software to work with Luminar's sensors. The company also has partnerships with Daimler Truck AG DAIGn.DE and Intel Corp's INTC.O Mobileye. The gist: Mercedes-Benz agreed to use Luminar’s lidar technology in future vehicles as part of a broader deal that includes data sharing and the automaker taking a small stake in the company. Luminar has a deal with Volvo, owned by Chinese carmaker Geely 0175.HK, to supply lidar units for consumer vehicles, with production starting in 2022. and became the youngest self-made billionaire can add a new title to his business card: media mogul. Velodyne Lidar Inc VLDR.O became public in September after such a merger, and Aeva Inc said last month it plans to become public via a merger with InterPrivate Acquisition Corp IPV.N.Īll three are vying to supply carmakers with a sensor that could help them add autonomous driving features. The young Stanford-educated engineer who founded lidar sensor maker Luminar Technologies Inc. Lumiar is one of three lidar makers to choose the SPAC route to public markets. Eastern Time (1500 GMT) Luminar shares had pared some of their early gains but remained up 26% at $22.69. For companies such as Luminar, which raised $590 million from the merger, SPACs have become an alternative path to public markets instead of a traditional IPO. We first learned of Luminar’s Iris lidar sensor following a 100 million funding round it received in 2019 before going public via SPAC deal in the summer of 2020.
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