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U.S.-Listed Innoviz Technologies Selected as a Direct Supplier of LiDAR and Perception Software by a Major Global Automaker

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【Summary】​Innoviz Technologies Ltd, a developer of high-performance LiDAR sensors and perception software that supports advanced driver assist systems (ADAS) and autonomous driving, announced today that its been selected by one of the world’s largest vehicle manufacturers to be its direct supplier across multiple brands.

Eric Walz    May 02, 2022 9:30 AM PT
U.S.-Listed Innoviz Technologies Selected as a Direct Supplier of LiDAR and Perception Software by a Major Global Automaker

Innoviz Technologies Ltd, a developer of high-performance LiDAR sensors and perception software that supports advanced driver assist systems (ADAS) and autonomous driving, announced today that its been selected by one of the world's largest vehicle manufacturers to be its direct supplier across multiple brands. 

The selection of Innoviz's lidar perception technology follows more than two years of extensive diligence and qualification, the company said. 

However, the automaker was not named as of yet. Innoviz said that further details of the contract will be revealed on the company's quarterly earnings call on May 11. We do know that the order is a large one. Innoviz says the deal boosts its forward-looking order book by $4 billion to $6.6 billion. 

"We are proud to deliver our outstanding InnovizTwo LiDAR and perception software as the direct supplier to support this new series production program," said Innoviz CEO and Co-Founder Omer Keilaf. "Being selected by a large-scale multi-brand global vehicle maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude. We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform."

Innoviz was founded in 2016 and is based in Tel Aviv, Israel. The company is one of several high-profile lidar developers, including Luminar, Cepton and Velodyne, that are entering into supply deals with major global automakers. 

Luminar, for example, is supplying automakers Volvo Cars and Mercedes Benz with lidar that will support the automakers' automated driving features. Silicon Valley-based Velodyne is supplying its lidar sensors to Ford Motor Co and Cepton is supplying General Motors.

Innoviz developed two low-cost and scalable solid-state lidar sensors called the "InnovizOne" and next-generation "InnovizTwo" to supply to automakers, robotaxis and autonomous delivery companies. The automotive-grade, ISO 26262 compliant InnovizTwo is highly reliable and is compact enough to be easily integrated into a production vehicle.

The InnovizTwo lidar sensor also works in direct sunlight and poor weather conditions and is able to detect objects 300 meters ahead, according to the company. When combined with Innoviz's companion perception software, the company says the InnovizTwo delivers superior object detection. It can also identify what the objects are, such as cars, pedestrians and bicyclists, as well as track their movements.

The InnovizTwo is being manufactured by Magna International, one of the world's largest suppliers to the automotive industry. Magna supplies its components to BMW, Tesla, Mercedes Benz, General Motors and many others. 

InnovizTwo_LiDAR.jpeg

The InnovizTwo lidar sensor.

The term lidar is an acronym for "light detection and ranging". Lidar sensors send out pulses of invisible laser light that reflect back off objects. The reflected light  is used to create a 3D rendering of a vehicle's surroundings in real-time known as a lidar point cloud. Lidar sensors are generally combined with cameras, radar and software to provide a full 360 degree real-time perception of the environment around a vehicle.

Over the last several years, the technology has become an essential sensor for developers of self-driving vehicles as well as those equipped with advanced driver assist systems (ADAS) for automated highway driving. 

Lidar supports new vehicle safety features as Lane Keeping Assist (LKA), Automatic Emergency Braking (AEB) and Adaptive Cruise Control (ACC), which come standard on many new vehicles today.

As more vehicles are equipped with these safety systems as well as hands-free automated highway driving capability, lidar developers including Innoviz are securing contracts to supply the perception technology to the world's automakers.

Due to its reduced cost and enhanced performance, the InnovizTwo will allow automakers to offer safe SAE level-2 automated driving capabilities, while paving the path to more capable level-3 systems.

As global automakers offer more vehicles with autonomous driving capabilities, the total addressable market (TAM) for the InnovizTwo is expected to grow to over $20 billion by 2025 and $55 billion by 2030, according to Innoviz.

Innoviz is also a U.S. listed company after merging with Austin, Texas-based special purpose acquisition company (SPAC) Collective Growth Corp. The combined new company launched its U.S. IPO in April 2021 in order to raise capital from investors looking for opportunities in the advanced mobility sector.

"Innoviz outperforms its peers by a wide margin when it comes to high-volume lidar production and technological development. We are proud to follow them on their journey as a publicly traded company," said Bruce Linton, Chairman and CEO of Collective Growth Corp, in April 2021 when the company made its debut on Wall Street.

Innoviz shares are listed on the NASDAQ under the stock symbol "INVZ". 

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