Innoviz Technologies, an Israeli startup that offers high-performance, solid-state LiDAR sensors and perception software, has entered into a $4 billion agreement with what the company described as one of the world’s largest motor vehicle suppliers to provide its vehicles with LiDAR tech. Innoviz did not reveal the name of the auto company.
The news comes after Innoviz saw a surge in its share price on the NASDAQ at the end of last week. The shares were up by 10% at a time when the markets are down. The deal will increase Innoviz’s forward-looking order book by $4 billion to $6.6 billion.
Founded in 2016 by Israeli Intelligence Corps veterans from Unit 81 Oren Rosenzweig and Omer David Keilaf, Innoviz produces solid-state LiDAR sensors and perception software that enable the mass-production of autonomous vehicles. Its solutions include InnovizPro and InnovizOne which provides 3D sensing for Level 3-Level 5 autonomous driving.
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Lidar is a component of Advanced Driver Assistance System (ADAS). Lidar measures distances by illuminating a target with laser light and measuring the reflection with a sensor. Differences in laser return times and wavelengths can then be used to make digital 3-D representations of the target.
Advanced driver-assistance systems are electronic systems that have been developed to help drivers to drive and park more safely. A computerized system works together with a driver. ADAS systems use automated technology, such as sensors and cameras, to detect nearby obstacles or driver errors.
“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 car makers to follow this decision in their autonomous vehicle programs.”