Luminar is entering the consumer automotive and commercial trucking markets with a sensing and perception platform called Iris, now backed by new major institutional and strategic investors.
After three years of stealth development, the company also revealed its perception software built on its LiDAR sensing platform.
A recent addition of $100 million, along with previously unannounced capital, brings the company’s total raised to date to more than $250 million. Major financial investors include G2VP, two of the most prominent sovereign wealth funds, Moore Strategic Ventures LLC, Nick Woodman, The Westly Group, 1517 Fund / Peter Thiel and Canvas Ventures, along with strategic investors Corning Incorporated, Cornes and Volvo Cars Tech Fund. Other participants include Crescent Cove Advisors and Octave Ventures. Former longtime Broadcom President & CEO Scott McGregor joins the board along with G2VP’s Founding Partner Ben Kortlang.
This capital accelerates Luminar’s foray into the consumer and commercial series production vehicle markets. Iris represents the next major milestone in the industry, just over a year after Luminar introduced its sensor for autonomous development fleets, and two years after the company first unveiled its breakthrough LiDAR technology, built from the chip-level up, as it came out of stealth in 2017. Today, 12 of the world’s top 15 automotive companies are working with Luminar’s sensing platform as part of global self-driving development programs to ultimately deliver on the promise of safe and ubiquitous autonomous transportation.