- Innoviz's solution potentially reduces bridge and tunnel
collisions globally, which could save lives, prevent costly
infrastructure damage, and mitigate severe traffic
congestion.
- Drive Group operates and manages major highways and toll
roads throughout Israel.
- This collaboration marks ongoing momentum for Innoviz
in Smart City and connected infrastructure applications
worldwide.
TEL
AVIV, Israel, June 13,
2023 /PRNewswire/ -- Innoviz Technologies Ltd.
(Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1
supplier of high-performance automotive grade LiDAR sensors and
perception software, announced today that it signed an agreement
with Drive Group, a leading toll road operator, to deploy Innoviz's
Bridge Collision Detection solution on highways, tunnels and
bridges across Israel.
Development of the Innoviz Bridge Collision Detection solution
evolved from substantially testing other on-and off-highway
solutions that Innoviz is commercializing, in conjunction with
customers looking for LiDAR-based, technology-driven solutions to
distinctive problems.
Innoviz's Bridge Collision Detection solution uses data gathered
from Innoviz LiDAR sensors from both sides of a highway, several
kilometers ahead of the entrance to a bridge or tunnel. This system
establishes a safe operating zone and identifies vehicles with
heights or widths exceeding predefined ranges determined by the
road operator. System alerts can trigger a camera to identify and
share license plate information with local authorities, who can
intervene and stop the vehicle to prevent potential collisions. As
intelligent transportation systems advance, these types of
solutions can be used to send wireless communications directly to a
hazardous vehicle for increasingly seamless intervention.
Innoviz's solution shows potential in significantly reducing
false alarms from camera–based software systems currently on the
market that create 3D maps of the world based on 2D images. Using a
LiDAR-based system, Innoviz offers its customers a truer, more
accurate 3D visualization of a vehicle's dimensions.
"There is no reason to accept the present situation of bridge
and tunnel accidents. It is estimated that 2-3% of the world's
bridges are damaged every year, and we believe the technologies
being developed at Innoviz can be a game changer for roadways
across the world", said Innoviz CEO and Co-Founder, Omer Keilaf. "We're excited to partner with
Drive Group, who quickly embraced our all-new application for
LiDAR-based technology to solve a decades-long problem and serve a
real need that can benefit highways around the world."
Drive Group, a leading operator of highways and toll roads
throughout Israel, collaborated
with Innoviz in the early phases of commercializing the Bridge
Collision Detection system. After a successful first trial, an
agreement was signed that created a pathway for DRIVE Group to
become a distributor of the technology for a broader deployment to
highway and other local authority customers.
"When it comes to road safety, we at Drive Group are committed
to finding the most effective, safe and advanced technological
solutions out there, said Itamar Ben
Meir, CEO of Drive Group. "We are very impressed
by the technology developed at Innoviz and its potential to help
reduce road accidents, and we are excited that we found a
potentially world-leading solution right here in Israel. Our goal is to distribute this
solution not just in Israel, but
globally."
On average, 15,000 bridge and tunnel collisions occur in
the United States annually. The
average cost for repair is estimated at around $18,000 per accident, totaling some $270 million annually in damages caused by this
type of accident. Innoviz's LiDAR for Bridge Collision Detection is
among the company's rapidly growing portfolio of Smart City and
connected infrastructure applications and, at scale, represents a
potentially sizable opportunity.
To learn more about Innoviz LiDAR for Bridge Collision
Detection, please contact: sales@innoviz-tech.com
About Innoviz Technologies
Innoviz is a global
leader in LiDAR technology, working towards a future
with safe autonomous vehicles on the world's roads.
Innoviz's LiDAR and perception software "see" better than a
human driver and reduce the margin of error, meeting the automotive
industry's strictest expectations for performance and safety.
Operating across the U.S., Europe,
and Asia, Innoviz has
been selected by internationally recognized premium car brands for
use in consumer vehicles as well as by other commercial and
industrial leaders for a wide range of use cases. For more
information, visit innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact (US)
Rob
Moffatt
VP, Corporate Development & IR
Innoviz
Technologies
+1 (203)
665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates and Innoviz's projected future
results. These forward-looking statements generally are identified
by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "strategy," "future," "opportunity," "plan,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this announcement including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, and potential
changes and developments in the highly competitive LiDAR technology
and related industries. The foregoing list is not exhaustive. You
should carefully consider such risk and the other risks and
uncertainties described in Innoviz's annual report on Form 20-F
filed with the SEC on March 9, 2023
and other documents filed by Innoviz from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Innoviz assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Innoviz
gives no assurance that it will achieve its
expectations.
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