Innoviz Technologies Ltd., an industry-leading provider of high-performance automotive-grade LiDAR sensors and perception software, has disclosed its plans to extend the use of InnovizTwo LiDAR in an ongoing light commercial vehicle program. This is part of an accelerated project led by a significant global automotive client, a project that’s on a mid-decade SOP target. Though the final technical and commercial terms are yet to be determined, Innoviz expects substantial financial contributions to begin flowing from this year.
Why It Matters
This expansion underscores the trust that the leading automakers place in Innoviz’s cutting-edge technology. The company’s LiDAR sensors are integral to the advancement of autonomous driving, and their increased adoption signals a rapid acceleration in the market. The announcement also implies a promising revision of the firm’s 2023 financial projections, suggesting a brighter future outlook.
The collaboration also involves a crucial partnership with a major computing platform, which Innoviz anticipates could lead to additional opportunities for expansion down the line. By aligning with top-tier autonomy platform partners, Innoviz is positioning itself for a faster market entry, an accelerated customer evaluation process, and more streamlined integration with other software stack components. This strategic positioning could fortify Innoviz’s efforts to acquire new customers.
“Today’s announcement is a significant milestone that validates our strategy and showcases the value of our technology,” stated Omer Keilaf, Innoviz Co-Founder and CEO. Keilaf emphasized the significance of the partnership as a critical part of their long-term business plan, designed to demonstrate that Innoviz can secure a substantial customer base and become a preferred LiDAR vendor for multiple vehicles.
Keilaf expressed excitement about the positive momentum seen in their pipeline thus far in the year, buoyed by an upswing in customer activity. These developments reinforce Innoviz’s belief in the increasing pace of LiDAR deployments. Today’s announcement, along with the expected financial boost in 2023 and beyond, emphasizes Innoviz’s growing footprint in the rapidly advancing world of autonomous vehicle technology.