Luminar lands investment and more collaboration with Volvo on lidar platform
The recently established Volvo Cars Tech Fund announced that its first investment is in Luminar.
Volvo Cars (Gothenburg, Sweden) is increasing its cooperation with Luminar Technologies (Orlando, FL) to provide the core lidar sensing platform for the car company’s autonomous vehicles. The recently established Volvo Cars Tech Fund also announced that its first investment is in Luminar.
“Luminar Technologies represents exactly the type of company and technology we seek to invest in, providing us with strategic access to new technologies, capabilities and talent,” said Zaki Fasihuddin, CEO of the Tech Fund. “Supporting promising young firms that are at the forefront of technological development will help us introduce cutting-edge technology that strengthens our leading role in the industry.”
Of Luminar’s four major automotive OEM partners, Volvo Cars is the second to be publicly announced following Toyota Research Institute in September 2017. It follows an unveiling of its new sensor and aggressive production plans, ramping to a capacity capable of equipping every self-driving test vehicle globally by the end of 2018.
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More than just providing the core sensing technology, Luminar has expanded into a perception development platform. Over the past year, Luminar says it has created 3D lidar data infrastructure, labeling, and annotation tools to take full advantage of the new level of data quality produced by its sensors. Data sharing and close collaboration will be equally important for those developing their self-driving software on top of the Luminar data to quickly accelerate safe autonomy vehicle deployments. Volvo Cars is the first of Luminar’s partners to fully leverage its expanded platform.
Luminar came out of stealth mode in April 2017. To date, the company has raised $36 million in funding from Canvas Ventures, GVA Capital, and 1517 Fund, and has over 400 people across three offices, including a 125,000 sq ft manufacturing campus in Orlando.
Source: Luminar Technologies