Innoviz Technologies’ founding team, which includes CEO Omer Keilaf, CBO Oren Rosenzweig and Chief R&D Officer Oren Buskila.
Innoviz Technologies, an Israeli provider of high-performance, automotive-grade LiDAR sensors and perception software, raised $65 million in a new upsized underwritten secondary public offering of 111.84 million shares that was concluded at a price of $2.50 per share. Unfortunately for the company, this represented a 20% cut in value.
So, what caused the drop?
The Motley Fool explained that first, Innoviz offered the new shares at a discount and second, the added shares diluted the overall share pool, raising it by more than 50%, so, basically, the laws of supply and demand kicked in.
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It may be that Innoviz had to cut the price because it needed the new funds. And the need for capital may be why its value fell.
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.
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.
The company boasts that its InovizOne is a solid-state LiDAR sensor specifically designed for automakers and robotaxi, shuttle and delivery companies requiring an automotive-grade, mass-producible solution to achieve autonomy. The automotive-grade sensor is purpose-built to be rugged, affordable, reliable, low-power consuming, lightweight, high-performing and seamlessly integrable into Level 3-5 autonomous vehicles to ensure the safety of passengers and pedestrians alike.
In other Innoviz news, the company and the BMW Group are expanding their collaboration by starting a B-sample development phase on a new generation of LiDAR. Under the new development agreement, following BMW requirements, Innoviz will develop these B-Samples based on its second generation InnovizTwo LiDAR sensor.
After a couple of years working together on an existing program that will include the first deployment of LiDAR-enabled highly automated technology on the BMW 7 Series later this year, the BMW Group and Innoviz are beginning to focus on the next-generation of the technology by starting this first B-sample phase. The result of this first phase will enable the BMW Group to decide on a serial development agreement with Innoviz that will focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup.
“From our work with the BMW Group over the past several years, we know that they operate with some of the highest standards in the automotive industry,” said Omer Keilaf, Innoviz Co-Founder and CEO. “We are excited to begin this new project on the second-generation LiDAR solution by working on the B-samples. BMW is at the forefront of ADAS technology, and we could not be more thrilled to have an opportunity to become an integral part of the next stage of its journey.”
