The Silicon Valley startup led by 24-year-old optics prodigy Austin Russell has now raised $250 million to commercialize its laser sensor tech. The company spent its first five years in “deep stealth”. Search Crunchbase. The fast-growing maker of laser lidar sensors that help self-driving cars see the world gets $400 million of cash and an estimated $3.4 billion market cap from the merger. Eight years later, Russell, 25, is taking Luminar public in a $3.4 billion deal that will see him retain full control over the company and make him among the youngest chief executives of a publicly traded firm. In April 2017, Luminar came out of stealth after five years in development to debut a new sensing technology that is poised to … The company develops laser lidar sensors, … Luminar CEO Austin Russell's obsession with 3D image sensors began in his teen years. Connect with friends faster than ever with the new Facebook app. He has developed an advanced LiDAR sensor that helps autonomous vehicles see and understand the world around them. Austin Russell is the founder and CEO of Luminar Technologies. Luminar Technologies CEO Austin Russell, 25, secured a hefty fortune after his company’s stock market debut on Thursday. The Silicon Valley maker of lidar for self-driving vehicles shifts to a new phase with a multiyear agreement to supply high-tech sensors to Volvo Cars. Luminar founder Austin Russell joins "Squawk Box" to discuss. Russell, 25, was just 17 when he founded Luminar in 2012. Luminar is the autonomous vehicle and lidar technology company for consumer cars and trucking. Show full articles without "Continue Reading" button for {0} hours. Luminar has 2 board members and advisors, including Scott McGregor. (Bloomberg) -- Austin Russell dropped out of Stanford University in 2012 to focus on his driverless-car startup, Luminar Technologies Inc. Russell is expected to hold about 83% of the voting power at Luminar after its combination with special purpose acquisition company Gores Metropoulos Inc. is completed, according to a registration statement filed Monday. An optics prodigy, Russell developed the idea for Luminar when he was just 17 and studying physics at Stanford University. Now a LiDAR device designed to leapfrog the competition is heading for mass-production. © 2021 Forbes Media LLC. College dropout Austin Russell founded and runs automotive sensor firm Luminar Technologies, which went public in a SPAC in Dec. 2020. Why it matters: Luminar is emerging as one of the leading suppliers of lidar technology, which uses laser … Luminar CEO and co-founder Austin Russell is poised to become a billionaire at 25 when his autonomous driving technology company Luminar … EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, 30 Under 30 - Manufacturing & Industry 2018, Meet The World’s Newest—And Youngest—Self-Made Billionaire: Luminar’s Austin Russell, Peter Thiel Says Covid Marks 21st Century’s True Start. Advanced. © 2021 Forbes Media LLC. Luminar Technologies ... and is proud to count Mobileye as a cornerstone launch program for Luminar," Austin Russell, founder and CEO, said in a statement. It’s also reduced the size, weight and power needs of its device and cut the cost of a key component. The founder of a startup that helps cars drive themselves just became a billionaire — and he’s barely old enough to rent a car on his own. From a wave of stock listings by electric vehicle and laser sensor startups to bold plans for high-speed trains, robotic trucks and robotaxis, 2020 was an exciting year in the ongoing evolution of transportation. Luminar Technologies, which makes laser sensors for self-driving cars, started trading as a public company on Thursday, turning its 25-year-old founder Austin Russell into an instant billionaire. Autonomous vehicle startup Luminar Technologies Inc said on Monday it would go public through a merger with blank-check firm Gores Metropoulos Inc for about $3.4 billion. How Old Is Luminar CEO Austin Russell? All Rights Reserved. Led by 23-year-old CEO Austin Russell, Luminar says it can now make enough of the advanced sensors to supply every autonomous test vehicle on the road. San Francisco — Austin Russell, the 25-year-old founder and CEO of Luminar Technologies, is set to become one of the youngest self-made billionaires. Following Luminar's listing on Nasdaq, Russell became the world's youngest self-made billionaire at age 25. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. The Florida-based firm — which he founded when he was just 17 — … Luminar, which is creating sophisticated lidar technology in a number of independent/ self-driving initiatives, is going public on Thursday with a special purpose acquisition company (SPAC) and the deal will make Luminar founder and CEO Austin Russell a millionaire – 25 years old. The upstart lidar maker is expanding beyond hardware with the addition of much-needed commercial software and a computing system that makes its technology plug-and-play capable for autonomous vehicle developers. Luminar Has Novel Subscription Plan For Its New Self-Driving Car Perception System, Luminar Lands $100 Million Funding Boost To Ramp Up Lidar For Self-Driving Cars And Trucks, Volvo Takes Stake In Laser Vision Upstart Luminar, To Use Its Sensors In Self-Driving Cars, A LiDAR Prodigy Cranks Up Production In The Race For Robot Car Vision Sales, Austin Russell: I Just Have A Lot Of Curiosity, LiDAR Startup Luminar's First Driverless Tech Partner Is Toyota's TRI, A 22-Year-Old CEO Has A Vision For Making Self-Driving Cars A Reality. Shares of lidar-sensor maker Luminar Technologies (NASDAQ:LAZR) were on the rebound on Wednesday morning, trading higher after it clarified … , Russell became the world around them sensor firm Luminar Technologies – Austin Russell joins `` Squawk Box to. Squawk Box '' to discuss weight and power needs of its device and cut the cost of a component. Has 13 current team members, including Co-Founder & CTO Jason Eichenholz laser. 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