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Luminar's lidar will go public via a SPAC

Luminar, which builds lidar sensors for autonomous vehicles, plans to go public via a SPAC with $400 million in funds raised through the Gores Group.

Investors include Alec Gores, Peter Thiel, and Volvo, and the company will launch on the Nasdaq with the ticker "LAZR."

Luminar, which is following a growing trend in tech by using a SPAC, has marketed itself as a cost-effective solution to giving cars the tools they need to see the world around them in high resolution. In May, Volvo announced Luminar sensors would be on its 2022 vehicles. The company was formed in 2012 by its then 17-year-old founder Austin Russell and has also inked deals with Toyota and Audi.

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