“It sends out laser pulses and we’re able to do this millions of times to be able to successfully measure exactly how far away everything is, down to centimeter-level precision,” Russell said. Luminar's tech enables cars to detect nearby objects, with the promise of preventing potential collisions and navigating safely through any environment by harnessing the potential of laser-powered LiDAR (light detection and ranging) technology. But its technology was impressive enough to help it score partnerships with major automakers like Mercedes Benz Group MBGYY and Volvo ADR VLVLY. Indeed, Luminar faces fierce competition with industry giants like Tesla Inc TSLA and Alphabet Inc's GOOGL Waymo. And in 2022, it generated roughly $40.7 million in revenue. With a net worth estimated at $1.6 billion, Russell's Orlando-based tech startup went public in 2020. Russell now holds the esteemed title of the world's youngest self-made billionaire, as recognized by Forbes.Īlso Read: How This 23-Year-Old Immigrant Earns Up To $240 Per Hour Clowning Around “When I was in my early teens, I converted my parents’ garage into an optics and electronics lab, I saw opportunities to be able to build new kinds of optical systems from the ground up.”Īll that work paid off - big time. “I started off at a very early age, always wanting to know the hows and whys of how to build and create things,” Russell, now 28, told CNBC. But it was just over a decade ago that 17-year-old Austin Russell launched the company in his parent's garage.
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