- Innoviz and the BMW Group to start first phase for new LiDAR
generation
- New generation to enable Level 3 automated driving
capabilities to a broader range of future vehicles
- Innoviz is developing a B-Sample for an enhanced solution
portfolio, including the InnovizTwo second Generation LiDAR, an
all-new InnovizCore compute box, and a suite of advanced AI-powered
software solutions including an industry-first LiDAR-based MRM
system
TEL
AVIV, Israel, Aug. 2, 2023
/PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) 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.
"LiDAR is one of the critical technologies underpinning Level 3
or even higher automated functions. Optimizing LiDAR technologies
and costs are the major challenges in order to bring Level 3 highly
automated driving into the mainstream," said Nicolai
Martin, SVP Driving Experience BMW Group. "We are very
pleased to have Innoviz develop the first B-Samples of this new
LiDAR generation and hope that the results of the B-Sample phase
create a basis for a possible future extension of
our collaboration."
"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."
In addition to the LiDAR solution for the 7 Series, the BMW
Group and Innoviz have started this first phase to develop an
expected first-ever LiDAR based Minimal Risk Maneuver (MRM) system
in the future. The MRM acts as a secondary safety driving decision
platform that will leverage the advanced performance, reliability,
and resiliency of the InnovizTwo LiDAR to manage real-time driving
decisions.
The MRM system is part of a growing software suite from Innoviz
that will also include its next-generation perception software.
With roughly half of its research and development investment
focused on software development, Innoviz has made rapid advances in
deploying artificial intelligence (AI) and advanced machine
learning to accelerate development and upgrade cycles of its
software suite and to expand its core software capabilities.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, serving as a
Tier 1 supplier to the world's leading automotive manufacturers and
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 possibility 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.
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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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