A new young billionaire has taken the mantle as the "world's youngest self-made billionaire" after his self-driving technology company Luminar Technologies Inc. (LAZR) went public in December 2020. Some have taken to calling 26-year-old Austin Russell the "next Elon Musk." Russell has an estimated net worth of $1.7 billion. He was recently featured on Forbes' "40 Under 40" list for 2021 but he really jumped on the tech scene in 2020 due to the success of Luminar. Luminar IPO makes 25-year old Austin Russell one of world's first, and youngest, self-driving billionaires https://t.co/R3fVTTzE2t

Lidar maker Luminar says its sensors generate the highest-resolution images currently available for autonomous vehicles. Luminar, a maker of laser lidar sensors that self-driving cars need to see their surroundings in 3-D, will supply the latest versions of its technology to Sweden's Volvo Cars, which is also investing in the Silicon Valley startup. Led by 23-year-old optics wunderkind Austin Russell, Luminar will provide both its hardware, combining the lidar sensor and cameras, and new perception software that helps the artificial intelligence driving Volvo's vehicles more rapidly interpret copious amounts of sensor data flowing in. The investment in Luminar by Volvo Cars Tech Fund is "significant," according to Russell, though neither he nor the automaker is disclosing the amount. "This is a partnership with Volvo Cars to power their autonomous vehicle development effort with our lidar sensing platform at its core," Russell, who founded Luminar in 2012 while still in high school, told Forbes.

Lidar maker Luminar says its sensors generate the highest-resolution images currently available for autonomous vehicles. Luminar, a maker of laser lidar sensors that self-driving cars need to see their surroundings in 3D, will supply the latest versions of its technology to Sweden's Volvo Cars, which is also investing in the Silicon Valley startup. Led by 23-year-old optics wunderkind Austin Russell, Luminar will provide both its hardware, combining the lidar sensor and cameras, and new perception software that helps the artificial intelligence driving Volvo's vehicles more rapidly interpret copious amounts of sensor data flowing in. The investment in Luminar by Volvo Cars Tech Fund is "significant," according to Russell, though neither he nor the automaker is disclosing the amount. "This is a partnership with Volvo Cars to power their autonomous vehicle development effort with our lidar sensing platform at its core," Russell, who founded Luminar in 2012 while still in high school, told Forbes.