Volvo Cars, the premium car
maker, has completed the first strategic investment via its newly-founded
investment fund by taking a stake in Luminar, a leading start-up in the
development of advanced sensor technology for use in autonomous vehicles.
The investment in Luminar,
based in Palo Alto, California, and Orlando, Florida, deepens Volvo Cars’
existing collaboration with the firm, which currently focuses on development
and testing of its sensing technology on Volvo cars. LiDAR technology, which
uses pulsed laser signals to detect objects, is a crucial element of creating
safe autonomous vehicles.
“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, adding that “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
start-ups around the globe. It focuses its investments on strategic technology
trends that are transforming the industry, such as artificial intelligence,
electrification, autonomous driving and digital mobility services.
“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, adding that, “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
Source: Volvo Cars
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