25-year-old sells high-school startup Luminar in a $3.4 billion deal - Business Insider

Russell attended Stanford to study physics but dropped out at 18 after winning a Thiel Fellowship to build Luminar.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BusinessInsider /  🏆 729. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New Tesla video shows Model 3 cars being made inside its China factory - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »

CD&R to buy KKR's Epicor Software for $4.7 billionPrivate equity firm KKR & Co Inc will sell business software maker Epicor Software Corp to Clayton Dubilier & Rice in a $4.7 billion deal, the companies said on Monday.
Read more »

Coronavirus: Global cases pass 25 million, India hits 78k in a day - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »

Alternative meat startup is hoping this 3D-printed steak could upend the meat industry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »

Business Insider's biggest advertising and media stories for August 31 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »