So far, the story of Luminar looks impeccable. Starting in 2022, Luminar’s hardware and the software will be integrated into Volvo’s global vehicle platform, the foundation for their next generation of consumer vehicles. Luminar offers two flagship products - Iris and Hydra. What Does This Mean For Autonomous Industry Source: Luminar Technologies Regarding the merger, Alec Gores, CEO of Gores Metropoulos, said that Luminar represents a rare opportunity to invest in the leading player in autonomous driving technology for cars and trucks. Oracle’s Georges Saab on Java 19 and Plans for India Transaction proceeds, wrote the company, will be used to accelerate commercial growth across its 50 partners and the expansion of its product roadmap for a turn-key “full-stack” highway autonomy and proactive safety ADAS solution. According to the official press release, the transaction includes $400 million of cash from Gores Metropoulos and an immediate $170 million financing into Luminar. Luminar technologies pioneers in providing both hardware and software solutions to the autonomous vehicle industry. “Eight years ago, we took on a problem to which most thought there would be no technically or commercially viable solution.” -Austin Russell, CEO Is this valuation justified, and what does Luminar’s success mean to the industry? About The Merger Today, this startup is valued at $3 billion. Austin Russell founded Luminar at the age of 17. The company claims to have built a new type of LiDar systems from scratch that meets the safety and cost standards of level 3 to level 5 autonomy. With a market capitalisation of US $3.4 billion, this LiDAR service provider has so far partnered with 7 of the top 10 automakers in the world. On Monday, Florida-based Luminar Technologies announced that it has entered into a definitive agreement to merge with Gores Metropoulos, Inc.
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