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Innoviz Technologies Ltd. (Nasdaq: INVZ) is a global leader specializing in the development and production of high-performance LiDAR sensors and perception software. Founded in 2016 and headquartered in Israel, the company advances the autonomous vehicle revolution with its cutting-edge LiDAR technology, enabling the mass commercialization of autonomous vehicles. Innoviz's flagship products, InnovizOne™ and InnovizPro™, utilize a solid-state design that employs proprietary technology to deliver superior performance at a size and cost suitable for mass market adoption.
Innoviz caters to OEMs and Tier-1 partners in the automotive industry, supporting various markets including passenger vehicles, robotaxis, shuttles, delivery vehicles, buses, and trucks. Beyond automotive, Innoviz's solutions empower industries such as logistics, drones, robotics, construction, agriculture, smart cities, smart infrastructure, security, and mapping.
In recent developments, Innoviz has announced its participation in the Consumer Electronics Show (CES) 2024, where it will showcase live demonstrations of its latest LiDAR technologies, including the InnovizTwo and Innoviz360. The company will also feature the BMW i7 and Volkswagen ID. Buzz, both integrated with Innoviz’s LiDAR solutions. The BMW i7 with Level 3 autonomous driving capabilities will be available for order in Germany, with deliveries expected to commence in March 2024.
Financially, Innoviz has shown impressive growth. In Q1 2024, the company reported revenues of $7.1 million, a substantial increase from $1.0 million in Q1 2023. The company is focused on optimizing its cash flow and operational efficiency, recently undergoing a strategic realignment to extend its cash runway. This includes transitioning InnovizOne into series production and focusing future investments on the InnovizTwo sensor and software platform to drive profitability.
Innoviz's pursuit of excellence is further demonstrated by its recent achievement of the IATF 16949:2016 certification, a globally recognized standard for automotive quality management systems. This certification underscores Innoviz's commitment to maintaining exceptional quality and standards in the automotive industry.
With a strong presence across the U.S., Europe, and Asia, Innoviz continues to collaborate with top-tier automotive manufacturers and commercial leaders. The company's technology not only meets the automotive industry's stringent performance and safety standards but also aims to ensure that autonomous vehicles are safer than human-driven ones.
For more information, visit www.innoviz.tech. You can also follow Innoviz's latest updates on Facebook, LinkedIn, YouTube, and Twitter.
Innoviz Technologies (NASDAQ: INVZ) invites participants to a virtual workshop on January 3, 2022, at 11:00 am EST, hosted by Co-Founder and CEO Omer Keilaf. The workshop will present chapters from Keilaf's new white paper on LiDAR systems for Level 3 automated vehicles, highlighting essential design parameters for road safety. Innoviz aims to set industry standards through collaboration with automotive OEMs and Tier-1 suppliers to enhance safety in autonomous driving. The white paper will be accessible on Innoviz's website after the event.
Innoviz Technologies (Nasdaq: INVZ) collaborates with Obayashi Corporation, a top Japanese construction company, on a new automated tower crane system utilizing Innoviz's advanced LiDAR sensors. This partnership follows Obayashi's three years of product testing, leading to enhanced safety and efficiency at construction sites. The system's recognition software processes LiDAR data to provide real-time warnings to crane operators, resulting in significant cost savings. Innoviz's CEO expressed optimism about future partnerships and the applicability of their technology across various sectors.
Innoviz Technologies (Nasdaq: INVZ) has been selected to join a consortium aimed at developing standardized specifications and testing frameworks for automotive LiDAR sensors. This initiative, led by fka GmbH in Germany, includes various OEMs and Tier 1 suppliers. Innoviz's CEO, Omer Keilaf, emphasized the importance of redundancy in ensuring safety through rigorous testing. The project seeks to establish common guidelines for sensor performance, helping automotive manufacturers plan product development with reliable LiDAR quality.
Innoviz Technologies (Nasdaq: INVZ) reported its Q3 2021 results, achieving revenues of $2.1 million, a 106% increase from Q2 2021 and a 13% year-over-year rise. InnovizOne generated $1.6 million, making up 79% of total revenue. Operating expenses surged to $30 million, up from $16.8 million in Q3 2020, largely due to stock-based compensation and R&D investments. The company enhanced its automotive capabilities, marked by a successful Tier 1 supplier audit and partnerships with major firms like NVIDIA and JueFX, bolstering its position in the LiDAR market.
Innoviz Technologies (Nasdaq: INVZ) announced its advanced perception solution is now supported on the NVIDIA DRIVE platform, enhancing its LiDAR sensors and perception software for autonomous vehicles. This integration allows for improved object detection and tracking. Innoviz’s technology, known for exceeding automotive industry standards, is already selected by BMW for their autonomous car program. The Point Cloud API will also be available on the NVIDIA platform for developers by November 2021, positioning Innoviz as a key player in the autonomous vehicle sector.
Innoviz Technologies (Nasdaq: INVZ) announced a collaboration with JueFX, focusing on enhancing autonomous driving safety through the installation of InnovizOne LiDAR sensors on traffic infrastructure. The partnership aims to provide real-time traffic monitoring and data sharing to improve vehicle-to-everything (V2X) communications. As the V2X market is expected to grow significantly in China, Innoviz's participation positions it advantageously in a rapidly expanding sector. This initiative could enhance road safety and traffic efficiency, leveraging Innoviz's high-performance LiDAR technology.
Innoviz Technologies (Nasdaq: INVZ) addressed recent trading activity involving its shares, clarifying that a broker mistakenly offered significant volumes at unauthorized prices. The Company stated it is not aware of any undisclosed material changes affecting its business that could explain the decline in trading price. Innoviz, a leader in LiDAR technology for autonomous vehicles, is backed by major investors like BMW and SoftBank Ventures Asia.
Innoviz Technologies (Nasdaq: INVZ) will host a conference call and webinar on November 10, 2021, at 9:00 a.m. ET to discuss its operational and financial results for Q3 2021, which ended on September 30, 2021. A press release with results will precede the call. The event, hosted from New York City, will include a Q&A session. Interested parties can register in advance or join via phone. Innoviz is known for its high-performance LiDAR technology used in autonomous vehicles, notably selected by BMW for its iX program.
Innoviz Technologies has announced its conference schedule for September 2021 and will host an open house on October 6, 2021. The Cowen Global Transportation and Sustainable Mobility Conference will feature a fireside chat on September 10. A series of one-on-one meetings is set for the Citi Small/Mid-Cap & Growth Conference on September 17. The Evercore ISI AutoTech & AI Forum will occur on September 22 and the Jefferies Israel Innovation Summit on September 30. Innoviz’s LiDAR technology is crucial for autonomous vehicles, notably selected by BMW.
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