Dec 4, 2020 - Economy

Luminar Technologies' 25-year-old founder is now a billionaire

Joann Muller

Luminar Technologies founder Austin Russell, 25, at a Volvo Cars factory. Photo: Luminar

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.

Why it matters: Luminar is emerging as one of the leading suppliers of lidar technology, which uses laser beams to give vehicles a three-dimensional view of the road.

Volvo is using Luminar's lidar sensors on its first hands-free models coming in 2022, and Luminar has partnerships with Daimler Trucks and Intel's Mobileye unit.

What to watch: Luminar has proven its technology works, and Russell says multiple automakers are developing software to work with its sensors ahead of potential deployment.

The challenge is whether Luminar can produce the complex laser devices at a mass scale.
Russell tells Axios the company has perfected the manufacturing process and is close to announcing a deal with a contract manufacturer in Mexico.

Fun fact: Luminar's apt ticker symbol is "LAZR."

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Luminar Technologies' 25-year-old founder is now a billionaire

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