A novel laser diode based length measuring interferometer for scientific and industrial metrology is presented. Wavelength the stabilization system applied in the interferometer is based on the optical wedge interferometer. Main components of the interferometer such as: laser diode stabilization assembly, photodetection system, measuring software, air parameters compensator and base optical assemblies are described. Metrological properties of the device such as resolution, measuring range, repeatability and accuracy are characterized.