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It started in a tiny garage, now this car tech company is worth $300m

It started in a tiny garage, now this car tech company is worth $300m

With wealth driven by technology to guide automated vehicles, Federico Collarte makes his debut on the Financial Review Young Rich List. Our much-anticipated annual issue is out on October 29.

Tony DavisMotoring writer

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It sounds like a classic tech origin story: two men in a garage working with sensitive laser equipment, trying to create something that will not only save lives and improve the world, but justify them both having thrown in their well-paid jobs.

“It was a tiny garage, single car, and I still had an old mattress in there,” Federico Collarte says with a laugh and a slight look of disgust. “And a bicycle, and there was literally no power point, so I had to run an extension cord from the light fitting.” Added to which, it was Sydney in mid-winter without heating, and Collarte’s business partner sniffled and coughed for four months straight.

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Tony Davis
Tony DavisMotoring writerTony Davis writes on lifestyle specialising in cars. Email Tony at tony.davis@afr.com.au

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Original URL: https://www.afr.com/young-rich/it-started-in-a-tiny-garage-now-this-car-tech-company-is-worth-300m-20210913-p58r84