The agreement between the two companies adds short-range
LiDARs into the OEM's L4 Autonomous Driving Platform
TEL
AVIV, Israel, June 26,
2024 /PRNewswire/ -- Innoviz Technologies Ltd.
(Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1
direct supplier of high-performance automotive-grade LiDAR sensors
and perception software, today announced a collaboration with an
automotive OEM to advance its L4 autonomous vehicle capabilities.
This agreement adds Innoviz's new short-range LiDARs into the
OEM's Level 4 autonomous driving platform. The Company expects the
collaboration will result in a series production nomination in the
coming months, pending agreement of commercial terms.
Innoviz's Short-Range LiDAR joins the InnovizTwo product
platform that includes InnovizTwo Long-Range and InnovizTwo Slim.
With high-resolution detection and over 90-degree vertical field of
view, the new short-range design is based on InnovizTwo
Long-Range architecture. It leverages the product's
industrialization maturity and is designed to meet the requirements
for light commercial vehicles, shuttles, robotaxis, and trucks.
This new development phase was meticulously designed over the past
six months to align with the OEM's stringent RFQ (Request for
Quotation) requirements. With the OEM planning to integrate
multiple short-range LiDARs for each of its L4 autonomous vehicles,
the partnership is well positioned to advance a safe and powerful
autonomous driving experience.
"This is an exciting moment for Innoviz as we collaborate with a
major global OEM on a new product," said Omer Keilaf, CEO and
Co-Founder of Innoviz Technologies. "As the L4 market is starting
to ramp-up, we are happy to be able to provide a complete set of
solutions to meet the needs of OEMs worldwide and support the
acceleration of AV adoption across all sectors."
About Innoviz
Innoviz is a global leader in LiDAR
technology, serving as a Tier 1 supplier to the world's leading
automotive manufacturers and working towards a future with safe
autonomous vehicles on the world's roads. Innoviz's LiDAR and
perception software "see" better than a human driver and reduce the
possibility of error, meeting the automotive industry's strictest
expectations for performance and safety. Operating across the U.S.,
Europe, and Asia, Innoviz has been selected by
internationally recognized premium car brands for use in consumer
vehicles as well as by other commercial and industrial leaders for
a wide range of use cases. For more information, visit
innoviz.tech.com.
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Media@innoviz-tech.com
Investor Contact
Investors@innoviz-tech.com
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates, future series production
nominations, 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 announcement including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, potential changes
and developments in the highly competitive LiDAR technology and
related industries, and our expectations regarding the
impact of the evolving conflict in Israel to our ongoing operations. The
foregoing list is not exhaustive. You should carefully consider
such risk and the other risks and uncertainties described in
Innoviz's annual report on Form 20-F filed with the SEC on
March 12, 2024 and other documents
filed by Innoviz 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 assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. Innoviz gives no
assurance that it will achieve its expectations. Top of
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