Luminar Partners With Mercedes-Benz to Add Autonomous-Car Tech

Luminar,  (LAZR) – Get Luminar Technologies, Inc. Class A Report the producer of vehicle-safety technology, has partnered with Mercedes-Benz DMLRY to speed development of automated-driving systems for the luxury-vehicle producer’s passenger cars.

As part of the deal, Mercedes-Benz will buy shares of Luminar. The company told TheStreet that the shares would vest over time. TheVerge reported that the German company will be acquiring 1.5 million shares, or less than 1%, of Luminar.

Luminar is working on what it calls Iris lidar technology. Lidar, or light detection and ranging, technology in simplest terms is designed to measure distance and spot obstacles and then give moving vehicles the necessary time to safely avoid the obstacles.