The Robot Report

  • Home
  • News
  • Technologies
    • Batteries / Power Supplies
    • Cameras / Imaging / Vision
    • Controllers
    • End Effectors
    • Microprocessors / SoCs
    • Motion Control
    • Sensors
    • Soft Robotics
    • Software / Simulation
  • Development
    • Artificial Intelligence
    • Human Robot Interaction / Haptics
    • Mobility / Navigation
    • Research
  • Robots
    • AGVs
    • AMRs
    • Consumer
    • Collaborative Robots
    • Drones
    • Humanoids
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Business
    • Financial
      • Investments
      • Mergers & Acquisitions
      • Earnings
    • Markets
      • Agriculture
      • Healthcare
      • Logistics
      • Manufacturing
      • Mining
      • Security
    • RBR50
      • RBR50 Winners 2025
      • RBR50 Winners 2024
      • RBR50 Winners 2023
      • RBR50 Winners 2022
      • RBR50 Winners 2021
  • Resources
    • Automated Warehouse Research Reports
    • Digital Issues
    • eBooks
    • Publications
      • Automated Warehouse
      • Collaborative Robotics Trends
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
  • Advertise
  • Subscribe

Luminar to merge with Gores Metropoulos to scale self-driving lidar, software

By Eugene Demaitre | August 24, 2020


The price of sensors is one obstacle to wide adoption of autonomous vehicles. Luminar Technologies Inc. today announced a reverse merger with Gores Metropoulos Inc. and $170 million in investment to accelerate commercial development of its “full stack” of vehicle technology. Luminar said its lidar sensor and software will enable volume production of autonomous trucks and passenger vehicles.

Palo Alto, Calif.-based Luminar was founded in 2012 and claimed it has built a new sensor from the chip level up that meets the performance, safety, and cost requirements of Level 3 to 5 autonomous vehicles. The company said it has more than 350 employees and has partnered with seven of the top 10 global automakers.

Gores Metropoulos is a special purpose acquisition company (SPAC) sponsored by affiliates of The Gores Group LLC and Metropoulos & Co. Alec Gores and Dean Metropoulos have more than 65 years of combined experience as entrepreneurs, and their respective teams have invested in more than 180 portfolio companies. Upon completion of the merger, Luminar will continue to be listed on Nasdaq under the new ticker symbol “LAZR.”

Luminar lidar moving into production

Luminar said that its hardware and software will move into high-volume production in 2022, when it will be integrated into Volvo Cars’ global platform for its next generation of consumer vehicles. The company added that its technology will set new benchmarks for proactive vehicle safety, surpassing today’s advanced driving assistance systems (ADAS).

“This milestone is pivotal not just for us, but also for the larger automotive industry,” stated Austin Russell, founder and CEO of Luminar. “Eight years ago, we took on a problem to which most thought there would be no technically or commercially viable solution. We worked relentlessly to build the tech from the ground up to solve it and partnered directly with the leading global automakers to show the world what’s possible.”

“Today, we are making our next industry leap through our new long-term partnership with Gores Metropoulos, a team that has deep experience in technology and automotive and shares our vision of a safe autonomous future powered by Luminar,” he said.

“Luminar represents a rare opportunity to invest in the leading player in autonomous driving technology for cars and trucks,” said Alec Gores, CEO of Gores Metropoulos. “We are excited to partner with a visionary founder like Austin who has developed from scratch the only lidar technology that meets the most stringent OEM specification requirements for safety and performance.”


Transaction details

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. The $170 million investment made directly into Luminar is led by institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ, with the majority of the major existing investors participating.

Luminar previously raised $100 million in July 2019, continuing significant investments in self-driving car technologies.

Related content: The Robot Report Podcast Episode 12 — Robotics transactions, 5G and edge robotics, and delivery robots

Advisors to Beverly Hills, Calif.-based Gores Metropoulos include Deutsche Bank Securities, Credit Suisse LLC, Moelis & Company LLC, and Weil, Gotshal & Manges LLP. Advisors to Luminar include GCA Advisors LLC, Jefferies Group LLC, GCA Advisors LLC, and Orrick, Herrington & Sutcliffe LLP.

The transaction, which has been unanimously approved by the boards of directors of both Luminar and Gores Metropoulos, is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, as well as other customary closing conditions.

Luminar said it expects to keep its management team after the investment and merger are completed. The company also announced that it has added 16 former members of Samsung’s Munich-based DRVLINE platform team who previously worked on ADAS functionality. Luminar plans to use this software team to bring its full-stack of lidar-based ADAS and Level 4 highway autonomy offerings to market.

The companies said more information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K that will contain an investor presentation to be filed by Gores Metropoulos with the U.S. Securities and Exchange Commission.

About The Author

Eugene Demaitre

Eugene Demaitre is editorial director of the robotics group at WTWH Media. He was senior editor of The Robot Report from 2019 to 2020 and editorial director of Robotics 24/7 from 2020 to 2023. Prior to working at WTWH Media, Demaitre was an editor at BNA (now part of Bloomberg), Computerworld, TechTarget, and Robotics Business Review.

Demaitre has participated in robotics webcasts, podcasts, and conferences worldwide. He has a master's from the George Washington University and lives in the Boston area.

Tell Us What You Think! Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles Read More >

The Gemini 435Le sensor package from Orbbec.
Orbbec designs Gemini 435Le to help robots see farther, navigate smarter
Headshot of Giovanni Campanella and podcast logo.
Safety and efficiency in robotics design
An image of ABB's Flexly P604 Visual Slam AMR.
ABB upgrades Flexley Mover AMR with visual SLAM capabilities
Sonair debuts ADAR, a 3D ultrasonic sensor for autonomous mobile robots

RBR50 Innovation Awards

“rr
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest info on technologies, tools and strategies for Robotics Professionals.
The Robot Report Listing Database

Latest Episode of The Robot Report Podcast

Automated Warehouse Research Reports

Sponsored Content

  • Sager Electronics and its partners, logos shown here, will exhibit at the 2025 Robotics Summit & Expo. Sager Electronics to exhibit at the Robotics Summit & Expo
  • The Shift in Robotics: How Visual Perception is Separating Winners from the Pack
  • An AutoStore automated storage and retrieval grid. Webinar to provide automated storage and retrieval adoption advice
  • Smaller, tougher devices for evolving demands
  • Modular motors and gearboxes make product development simple
The Robot Report
  • Mobile Robot Guide
  • Collaborative Robotics Trends
  • Field Robotics Forum
  • Healthcare Robotics Engineering Forum
  • RoboBusiness Event
  • Robotics Summit & Expo
  • About The Robot Report
  • Subscribe
  • Contact Us

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search The Robot Report

  • Home
  • News
  • Technologies
    • Batteries / Power Supplies
    • Cameras / Imaging / Vision
    • Controllers
    • End Effectors
    • Microprocessors / SoCs
    • Motion Control
    • Sensors
    • Soft Robotics
    • Software / Simulation
  • Development
    • Artificial Intelligence
    • Human Robot Interaction / Haptics
    • Mobility / Navigation
    • Research
  • Robots
    • AGVs
    • AMRs
    • Consumer
    • Collaborative Robots
    • Drones
    • Humanoids
    • Industrial
    • Self-Driving Vehicles
    • Unmanned Maritime Systems
  • Business
    • Financial
      • Investments
      • Mergers & Acquisitions
      • Earnings
    • Markets
      • Agriculture
      • Healthcare
      • Logistics
      • Manufacturing
      • Mining
      • Security
    • RBR50
      • RBR50 Winners 2025
      • RBR50 Winners 2024
      • RBR50 Winners 2023
      • RBR50 Winners 2022
      • RBR50 Winners 2021
  • Resources
    • Automated Warehouse Research Reports
    • Digital Issues
    • eBooks
    • Publications
      • Automated Warehouse
      • Collaborative Robotics Trends
    • Search Robotics Database
    • Videos
    • Webinars / Digital Events
  • Events
    • RoboBusiness
    • Robotics Summit & Expo
    • DeviceTalks
    • R&D 100
    • Robotics Weeks
  • Podcast
    • Episodes
  • Advertise
  • Subscribe