May 5, 2022
Israeli start-up Innoviz Technologies has landed a deal worth $4 billion to supply Lidar to one of the world’s leading automakers.
Innoviz has not yet named the company in question, saying it will “elaborate further” on its quarterly earnings call scheduled for May 11.
The company did confirm that the deal followed more than two years of diligence and would see its tech used across multiple brands. The partnership means Innoviz now has future orders in place to the value of $6.6 billion.
The deal is believed to be an eight-year commitment, starting from 2025, and prompted a significant spike in Innoviz’s share price.
The company recently revealed its InnovizTwo next-generation Lidar, which it claimed would “revolutionize” the autonomous car industry.
In a video to showcase the tech, CEO and founder Omer Keilaf said: “There are many car makers who are trying to make a decision for Lidar for their vehicles for 2024-2025. Having the ability to show them a product that already meets their requirements and price point is a big advantage.”
It’s claimed the Lidar – a solid-state, forward-facing device which offers high-quality resolution and a detection range of up to 984 feet – will help to solve a significant bottleneck in the industry by allowing automakers to introduce cost-effective Level 2+ functionality with hardware that supports Level 3 and Level 4 on launch. It will be offered to automakers at a price 70% less than InnovizOne, which is fitted to BMW’s new electric iX as part of a deal the Israeli company has with the Bavarian firm.
Also in the pipeline is Innoviz360, high-performance 360-degree Lidar that is targeted at mass production of Level 4 and Level 5 autonomous vehicles, as well as non-automotive applications including heavy machinery, smart cities, logistics and construction. Innoviz says a snapshot of its capabilities will be unveiled later this year.
“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,” said Keilaf, reflecting on the deal.
“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.”
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