Lidar makers Ouster and Velodyne agree to merge

Lidar makers Ouster and Velodyne have agreed to merge, combining roughly $400 million in market value.

The companies said on Monday that they will join forces to increase their competitiveness in a market segment that has seen valuations plummet as investors have grown disillusioned with autonomous-vehicle technology.

Lidar, short for "light detection and ranging," is a sensor technology that uses invisible lasers to create a highly detailed 3-D map of the sensor's surroundings. Lidar sensors are considered important components of nearly all autonomous-vehicle systems currently under development, and are finding increasing applications with advanced driver-assist systems as well as other areas of robotics.