TEL AVIV, Israel, March 25, 2021 /PRNewswire/ -- Innoviz
Technologies, Ltd., a leading provider of
high-performance, solid-state LiDAR sensors and perception
software, announced today that it has released its highly
anticipated Automotive Perception Platform - InnovizAPP for
the automotive industry. InnovizAPP is the company's advanced
perception platform, which includes automotive-grade hardware and
software that enable autonomous vehicles (AVs) to identify and
classify objects. Innoviz is already shipping InnovizAPP to
selected automaker giants, helping them accelerate timelines for
consumer AV programs globally.
InnovizAPP is based on Innoviz's advanced Perception Software,
which leverages the rich data derived from Innoviz's LiDAR sensors,
coupled with proprietary AI algorithms, to analyze the point cloud
and estimate an object's speed with high precision. The software
can accurately detect and classify objects in any 3D driving scene
up to 250 meters away, including cars, trucks, motorcycles,
pedestrians, and more. It also executes perception algorithms in
real time, detecting and classifying pixels as collision relevant
or non-collision relevant.
The InnovizAPP hardware provides an automotive-grade reference
design based on low-cost automotive-grade components. It connects
to existing vehicle systems and enables real-time perception
in a simple plug-and-play manner, allowing automakers to test
and learn how to build their own autonomous driving systems.
"InnovizAPP is a true technology breakthrough, offering an
adaptable automotive-grade chip and platform that can be
incorporated into existing vehicles," said Omer Keilaf, CEO and
Co-Founder of Innoviz. "We developed it in response to requests
from major automakers, and our customers in Asia, Europe,
and North America are already
optimizing their AV programs with this platform, which is rapidly
becoming the gold standard for customer validation."
Both the perception software and Innoviz's solid-state LiDAR
sensor, InnovizOne, are designed and developed to conform with the
automotive industry's highest standards and are being adopted by
key industry leaders, including BMW.
This news follows Innoviz's announcement on December 11, 2020, that it entered into a
definitive agreement with Collective Growth Corporation (NASDAQ:
CGRO), which would result in Innoviz becoming a publicly listed
company. The combined Company will retain the Innoviz Technologies,
Ltd. name, and its ordinary shares are expected to be listed on
NASDAQ under the ticker symbol "INVZ".
About Innoviz Technologies
Innoviz is a leading
provider of technology that will put autonomous vehicles on roads,
ultimately changing the world and making life better. Innoviz is
the only company with LiDAR technology that can "see" better than a
human driver, while also meeting the automotive industry's strict
requirements for performance, safety, and price. Selected by BMW
for its fully electric iX autonomous car program, Innoviz's
technology will be the first to be deployed in consumer vehicles.
Innoviz is backed by top-tier strategic partners and investors,
including SoftBank Ventures Asia, Samsung, Magna International,
Aptiv, Magma Venture Partners, and others. For more information,
visit www.innoviz.tech
Forward Looking Statements
This document contains
certain forward-looking statements within the meaning of the
federal securities laws with respect to the proposed transaction
between Innoviz and Collective Growth, including statements
regarding the benefits of the transaction, the anticipated timing
of the transaction, the services offered by Innoviz and the markets
in which it operates, and Innoviz's projected future results. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of Collective Growth's securities, (ii) the risk that the
transaction may not be completed by Collective Growth's business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by
Collective Growth, (iii) the failure to satisfy the conditions to
the consummation of the transaction, including the adoption of the
business combination agreement by the shareholders of Collective
Growth and Innoviz, the satisfaction of the minimum trust account
amount following redemptions by Collective Growth's public
shareholders and the receipt of certain governmental and regulatory
approvals, (iv) the lack of a third party valuation in determining
whether or not to pursue the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the business combination agreement,
(vi) the effect of the announcement or pendency of the transaction
on Innoviz's business relationships, performance, and business
generally, (vii) risks that the proposed transaction disrupts
current plans of Innoviz and potential difficulties in Innoviz
employee retention as a result of the proposed transaction, (viii)
the outcome of any legal proceedings that may be instituted against
Innoviz or against Collective Growth related to the business
combination agreement or the proposed transaction, (ix) the ability
of Innoviz to list its ordinary shares on the Nasdaq, (x) the price
of Innoviz's securities may be volatile due to a variety of
factors, including changes in the competitive and highly regulated
industries in which Innoviz plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Innoviz's business and changes in the combined capital
structure, and (xi) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the "Risk Factors" section of the
Proxy Statement as well as Collective Growth's Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q, and other documents
filed by Collective Growth from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Innoviz and Collective Growth assume no obligation
and do not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise. Neither Innoviz nor Collective Growth gives any
assurance that either Innoviz or Collective Growth will achieve its
expectations.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
in an investment in Innoviz or Collective Growth and is not
intended to form the basis of an investment decision in either
company. All subsequent written and oral forward-looking statements
concerning Innoviz and Collective Growth, the proposed transactions
or other matters and attributable to Innoviz and Collective Growth
or any person acting on their behalf are expressly qualified in
their entirety by the cautionary statements above.
Additional Information and Where to Find It
This
communication is being made in respect of the proposed merger
transaction involving Collective Growth and Innoviz. Innoviz filed
the Registration Statement with the SEC, which includes Collective
Growth's Proxy Statement, and certain related documents, to be used
at the meeting of Collective Growth stockholders to approve the
proposed business combination and related matters. INVESTORS AND
SECURITY HOLDERS OF COLLECTIVE GROWTH ARE URGED TO READ THE PROXY
STATEMENT, AND ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS
THAT WILL BE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT INNOVIZ, COLLECTIVE GROWTH AND THE BUSINESS
COMBINATION. The Proxy Statement has been mailed to stockholders of
Collective Growth as of March 4,
2021. Investors and security holders will also be able to
obtain copies of the Registration Statement and other documents
containing important information about each of the companies once
such documents are filed with the SEC, without charge, at the SEC's
web site at www.sec.gov. In addition, the documents filed by
Collective Growth may be obtained free of charge from Collective
Growth's website at www.collectivegrowthcorp.com or by written
request to Collective Growth at Collective Growth Corporation, 1805
West Avenue, Austin, TX 78701 and
the documents filed by Innoviz may be obtained free of charge from
Innoviz's website at www.innoviz.tech or by written request to
Innoviz at Innoviz Technologies Ltd., 2 Amal Street, Rosh HaAin,
4809202, Israel.
Participants in Solicitation
Collective Growth and
Innoviz and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies from
Collective Growth's stockholders in connection with the proposed
transaction. Information about Collective Growth's directors and
executive officers and their ownership of Collective Growth's
securities is set forth in Collective Growth's filings with the
SEC, including the Proxy Statement and Collective Growth's final
prospectus filed with the SEC on May 1,
2020. You may obtain a free copy of these documents as
described in the preceding paragraph.
Contact Information
Media@innoviz-tech.com
Investor Contact:
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Maya.lustig@innoviz-tech.com
Cody Slach or Matt Glover
Gateway Investor Relations
(949) 574-3860
Investors@innoviz-tech.com
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SOURCE Innoviz Technologies