Just over two years after exiting stealth mode, lidar startup Luminar Technologies Inc. is ready to shift its commercialization efforts into high gear.

Luminar today launched a new lidar sensor for self-driving vehicles that’s three times smaller than the prototype it has been testing so far.

The device, dubbed Iris, is about the size of a soda can and weighs under two pounds. It’s compact enough to be attached to a rear-view mirror but still packs a punch. Luminar claims Iris can detect objects such a tire in the middle of the road from over 800 feet away.

Iris is the latest entry into the already crowded field of lidar-based sensors. Lidar, short for light detection and ranging, is a method that enables autonomous vehicles to “see” their surroundings. A laser transmitter emits pulses of light outside the visible spectrum that bounce back from nearby objects, forming a detailed picture of the environment.

Luminar will bring Iris to market using a new $100 million funding round it disclosed in conjunction with the product announcement. The investment values the startup at $900 million, according to Wired.

The company plans to sell the standard version of Iris for $1,000 per unit, as well as launch scaled-down versions that will cost below $500 and focus on more basic autonomous driving applications. The startup claims that its sensors are being piloted by 12 of the world’s 15 largest automakers. Some of those pilot projects may soon turn into much more: Luminar claims to be negotiating more than $1 billion worth of contracts.

The standard $1,000 version of Iris aimed at vehicles with Level 3 and Level 4 autonomy. Those are technical designations for automobiles that can navigate on their own for the most part but still require human input when driving conditions are not ideal or something unexpected happens.

Luminar expects Iris to start shipping with production vehicles in 2022 or 2023. To help automakers implement the sensor, the startup has started also developing software for processing lidar data from its sensors. The effort is being pursued by a 60-plus team of engineers working under the leadership of Christoph Schroder, the former head of Daimler AG’s autonomous taxi initiative.

The startup is backed by around a dozen investors including Volvo AB, GoPro Inc. Chief Executive Nick Woodman and two unnamed sovereign wealth funds. The startup has raised a total of $250 million in outside funding.

Photo: Luminar Technologies