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Monday, October 25, 2021

SPAC; Automotive Lidar; the Story of Luminar Technologies Inc (NASDAQ: LAZR)

Luminar Technologies Inc (NASDAQ: LAZR) is making a historic rise up the charts since completing its its reverse merger with special purpose acquisition co (SPAC) Gores Metropoulos. Luminar was founded by optics prodigy Austin Russell who just became one of the first billionaires to emerge from the autonomous vehicle world at 25. The deal is backed by Paypal Mafia founder Peter Thiel and has raised around $600 million in gross proceeds.

Speculation is sky high for Peter Thiel backed Luminar; the global leader in automotive lidar hardware and software technology. Luminar has rapidly gained over 50 industry partners, including 7 of the top 10 global automotive OEMs. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Following the Business Combination, Luminar expects to accelerate commercial growth across its over 50 commercial partners while further expanding its autonomous software and Proactive safety ADAS solutions. Luminar’s Iris is designed into vehicle models planned to commence series production starting in 2022.

Luminar Technologies Inc (NASDAQ: LAZR) is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including 7 of the top 10 global automotive OEMs. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Luminar has also received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in automotive safety, to accelerate the introduction of autonomous trucks and cars at highway speed. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich.

LAZR went public via a reverse merger with special purpose acquisition company (SPAC) Gores Metropoulos, a Company formed for the purpose of entering into a RM. Listing via a SPAC deal is much faster than a conventional IPO and has been a lifeline for makers of EV vehicles such as Lordstown Motors, Lion Electric. or U.K. electric vehicle maker Arrival as Elon Musk’s Tesla continues to dominate the charts. Luminar is backed by Peter Thiel who has had a lucrative career as a venture capitalist since founding Paypal back in 1999 and becoming the first outside investor in Facebook when he acquired a 10.2% stake in the Company for $500,000 in August 2004. Since selling his Facebook stake for $1 billion plus in 2012 Theil has gone on to invest in many successful startups including Clarium Capital and Palantir.

As a result of the Business Combination, Luminar has received approximately $590 million total cash. This includes $406 million from Gores Metropoulos, as well as $184 million in proceeds from the financing completed in connection with the announcement of the Business Combination, led by institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ. Upon closing of the Business Combination, Alec Gores, CEO of Gores Metropoulos, joined Luminar’s Board of Directors.

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The successful completion of the Business Combination is reinforced by several landmark achievements in 2020, including the introduction of Luminar’s Iris LiDAR and software products for series production across all three industry verticals: consumer vehicles, trucking, and robo-taxis. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Following the Business Combination, Luminar expects to accelerate commercial growth across its over 50 commercial partners while further expanding its autonomous software and Proactive safety ADAS solutions. Luminar’s Iris is designed into vehicle models planned to commence series production starting in 2022.

Luminar CEO and Founder Austin Russell stated at the time of the merger:“This is an incredibly proud moment for the entire Luminar team and a milestone for the industry at large. Over the past few years, we’ve made the transition from a technology development startup to now a global provider of autonomous systems to many of the world’s largest OEMs and commercial trucking players to power their autonomous future in production. We look forward to accelerating widespread commercial adoption of autonomy and proactive safety solutions and embarking on the next phase of our journey as a public company, which will solidify our leadership position well into the future and enable autonomy at an unprecedented scale.”

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LAZR is making a powerful run up the charts since completing its reverse merger with special purpose acquisition company (SPAC) Gores Metropoulos. Speculation is sky high for Peter Thiel backed Luminar; the global leader in automotive lidar hardware and software technology. Luminar has rapidly gained over 50 industry partners, including 7 of the top 10 global automotive OEMs. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Following the Business Combination, Luminar expects to accelerate commercial growth across its over 50 commercial partners while further expanding its autonomous software and Proactive safety ADAS solutions. Luminar’s Iris is designed into vehicle models planned to commence series production starting in 2022. We will be updating on LAZR when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with LAZR.

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Disclosure: we hold no position in LAZR either long or short and we have not been compensated for this article.

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