Volvo Cars has taken a stake in Luminar, a start-up that develops advanced sensor technology for use in autonomous vehicles like LiDAR.
LiDAR technology uses pulsed laser signals to detect objects and is a crucial element of creating safe autonomous vehicles.
Autonomy is directly aligned with the car’s sensing capabilities. The collaboration with Luminar will allow the automaker to learn more about its promising technologies and take it one step further to the highly autonomous cars of the future.
By aligning with Volvo allows the start-ups the opportunity to benefit from Volvo Cars’ unique access to the newer markets specially Chinese car market which is the world’s largest market. They also get potential access to Volvo Cars’ global network of automotive and technology partners.
This was the first strategic investment via the newly-founded investment fund Volvo Cars Tech Fund which 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.