The Volvo Cars Tech Fund has completed their first strategic investment, taking a stake in a start-up company called Luminar. Based in Palo Alto, California, and Orlando, Florida, Luminar’s expertise in sensor and LiDAR technology will help bolster Vovlo’s commitment to manufacturing a safe and viable autonomous car.
?LiDAR is a key technology for enabling autonomous cars to navigate safely in complex traffic environments and at higher speeds,? explained Henrik Green, Senior Vice President, Research and Development, Volvo Cars.
Market Position
Launched earlier this year, the Volvo Cars Tech Fund focuses on state-of-the-art trends like artificial intelligence, electrification, autonomous driving, and digital mobility services. Investments, mergers, and acquisitions in this sector are growing. During AutoSens Brussels last September, Rudy Burger, Managing Partner, Woodside Capital Partners, spoke on how such developments within the automotive arena impact future mobility. ?What we are seeing is a number of very large companies placing bets ? significant bets ? whereby they believe in order to create a controlling position in the market, they must actually acquire a company,? he said during his presentation.
?Luminar 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 ...