Gores Metropoulos shares rose 7% to $11.40 in Nasdaq trading on Monday. Luminar Neo is a photo editing program designed specifically around AI-guided tools, with features like the automatic removal of powerlines, sky replacements using auto-generated masks, and portrait editing tools which can recognize human faces, applying changes to only specific parts at the click of a button.
Founder Russell, a Forbes 30 Under 30 alum, will continue as CEO, Tom Fennimore will remain as CFO and Alec Gores will join the Luminar board.Īdditionally, Luminar said it hired 16 members of Samsung's Munich-based DRVLINE software team to help strengthen its development team. The merger is expected to close in 2020’s fourth quarter. Lidar startup Luminar announced today that it’s received 100 million in new funding, as. Current Luminar investors will receive about 272 million shares of Gores Metropoulos common stock at closing. Lidar startup Luminar gets 100M in funding, sub-1,000 Iris platform set for production cars by 2022. Our investment framework for Luminar is based on two core concepts: (i) the company’s key competitive advantages and (ii) the factors overlooked by the market that can provide potential upside in the future.
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Luminar and Gores Metropoulos said the combined company will have an implied pro forma enterprise value of approximately $2.9 billion and an equity value of approximately $3.4 billion at closing. College dropout Austin Russell founded and runs automotive sensor firm Luminar Technologies, which went public in a SPAC merger in Dec. Luminar, a fast-growing maker of laser lidar sensors that help self-driving cars see the world, intends to list shares on Nasdaq NDAQ -0.1 by merging with a SPAC that raises cash and boosts. (CEO Elon Musk has described it as a “ fool’s errand.”) Lidar’s ability to instantly create detailed 3D, point-cloud maps of a vehicle’s surroundings in daylight or darkness has made it essential technology for virtually every company working to perfect safe autonomous driving, with the notable exception of Tesla TSLA.
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