Luminar, which makes sensors for autonomous vehicles, said Monday it was selling itself in a deal valued at $3.4 billion via a SPAC merger with Gores Metropoulos. Volvo and the tech mogul Peter Thiel are also chipping in.
Luminar makes lidar sensors, which bounce lasers off objects to help self-driving cars sense their surroundings, at much cheaper rates than many of its competitors. Luminar, a self-driving-car startup founded by CEO Austin Russell at the age of 17 while he was in high school, said Monday it would go public in a $3.4 billion merger with a special purpose acquisition company.
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