Volvo Cars Tech Fund invests in automotive sensor company Luminar
Volvo Cars has taken a stake in Luminar, a startup involved with the development of advanced sensor technology for use in autonomous vehicles, such as LiDAR.
“LiDAR is a key technology for enabling autonomous cars to navigate safely in complex traffic environments and at higher speeds,” said Henrik Green, Senior Vice President for Research and Development at Volvo Cars. “Our collaboration with Luminar allows us to learn more about its promising technologies and takes Volvo Cars one step further to the highly autonomous cars of the future.”
The Volvo Cars Tech Fund was launched earlier this year and aims to invest in high potential technology startups around the globe.
“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 at the forefront of technological development will help us introduce cutting-edge technology that strengthens our leading role in the industry.”