Innoviz Selected By One Of World’s Largest Vehicle Manufacturers In $4B Deal
Israeli smart mobility company Innoviz Technologies, announced on Monday that it has been selected by one of the world’s largest vehicle manufacturers to become its direct supplier of LiDar remote sensing solutions across several brands.
The company has not yet disclosed the name of the manufacturer but claims the partnership will increase Innoviz’s forward-looking book order by $4 billion to $6.6 billion.
Founded in 2016, Innoviz develops LiDAR remote-sensing solutions for fully autonomous vehicles. LiDAR is an acronym for “light detection and ranging” and it is used to calculate the ranges of various surroundings by targeting an object or a surface with a laser and measuring the time for the reflected light to return to the receiver. Innoviz’s flagship LiDAR system InnovizOne renders highly accurate real-time 3D images of the vehicle’s surroundings, providing enhanced perception capabilities that exceed that of human drivers.
“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. In addition, we anticipate more carmakers to follow this decision in their autonomous vehicle programs.”