Life360 Inc (ASX: 360) shares have already helped boost the wealth of many longer-term shareholders.

But even after the strong run higher the share price has enjoyed over the past few years, I believe the S&P/ASX 200 Index (ASX: XJO) tech stock still presents investors with a generational opportunity to get rich.

Of course, everyone's definition of 'rich' will vary. And to potentially earn really big gains from Life360 shares, you'll want to start with a sizeable initial investment.

Now, if you're not familiar with Life360, the company develops family-oriented software for location sharing. Parents can use the company's smartphone app to track their children's whereabouts or to help elderly people and those with special needs stay safe.

And with revenues growing fast, Life360 shares have rocketed 224.9% in 12 months. Taking a step back, shares in the ASX 200 tech stock are up 640.9% over five years. That's enough to have turned a $50,000 investment five years ago into $370,450 today.

Certainly a good start on the way to building generational wealth.

Why Life360 shares could keep soaring higher

Before moving on, note that every investment comes with its own risks. While I'm bullish on the outlook for Life360 shares in the years ahead, the ASX 200 stock could also lose value. Technology changes fast, and we can't rule out the possibility that an unexpected competitor steals some of its market share.

Also, while a fast-rising ASX stock is a great help in building generational wealth, you shouldn't lose track of the golden rule of diversity. A proper wealth-building portfolio will contain far more than one share!

With that said, there are several reasons to believe Life360 shares could post another year or more of outsized gains.

First, is the company's strong growth metrics.

For the third quarter of 2023, Life360 reported an 18% year on year increase in revenue to US$92.9 million. Gross profits of US$70.0 million were up 21% from the prior corresponding period.

Full-year revenue is forecast to be between US$368 million and US$374 million. The company reports its 2024 calendar year results on 28 February.

The second reason I'm bullish on the stock is that with the rapid growth in its market cap, the company appears set to move to an even more exclusive ASX index. This would see it garner even more interest from index-tracking funds and some actively managed funds as well.

According to Sequoia Wealth Management's Peter Day:

We expect the company to be added to the S&P/ASX 100 Index when the next rebalance occurs in early March. This should be a positive result if Life360 is added to this large market capitalisation index.

And the third driver that I think could see Life360 shares really boost investors' lifetime wealth is the barely tapped artificial intelligence (AI) revolution.

As the company's in-house tech evolves and AI begins to play a bigger role, its location-sharing software should experience numerous tailwinds.