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Luminar Technologies Plans $3.4 Billion IPO

Though once considered science-fiction, the ‘driverless’ car is now a thing of the present. Autonomous vehicle start-up, Luminar Technologies, has planned a $3.4 billion reverse-merger IPO with blank-check company, Gores Metropoulos. The California-based company produces technology capable of reading road signs, recognizing traffic lights, and avoiding on-road obstacles entirely on its own.

Using light detection and ranging (LIDAR) technology, Luminar’s vehicles can track road features up to 250 meters away in real-time. This exciting technology has meant major growth for Luminar Tech. Backed by Peter Theil, co-founder of PayPal, the company will go public through a $400 million cash payment from Gores Metropoulos.

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