Innoviz Technologies, a technology leader of high-performance, solid-state LiDAR sensors and perception software, is to to merge with Collective Growth Corp. (NASDAQ: CGRO), a special purpose acquisition company (SPAC). Upon completion of the transaction, the combined company will retain the Innoviz Technologies, Ltd. name and is expected to be listed on NASDAQ under the ticker symbol “INVZ”.
The combined company is expected to have an estimated equity value of approximately $1.4 billion. The listing is likely in the first quarter of 2021.
Innoviz’s current partners and investors include Magna International, BMW, Samsung-Harman, Aptiv and SoftBank Ventures Asia.
Omer Keilaf, Innoviz CEO says: “Innoviz continues to push the boundaries of LiDAR performance and price. Our engineers, along with our partner Magna International, have been working tirelessly to bring a solution that automakers can adopt at scale and trust to perform safely and reliably for the entire lifecycle of their vehicles. This milestone is pivotal for our continued growth and the advancement of the autonomous vehicle industry as a whole.”
He adds: “It requires significant investment of time and resources and we’ve made great strides due to the support of our investors and partners. The public listing is a major step on our path to becoming one of the dominant players in the global autonomous driving industry.”
Swamy Kotagiri, Magna International President and incoming Chief Executive Officer, adds: “Working with companies like Innoviz to transform innovative technologies into game-changing automotive-grade products is a win for our customers and the industry as we tackle challenges that come with autonomous vehicle development. Innoviz LiDAR technology, along with Magna’s ADAS expertise, software integration and manufacturing excellence is meeting the need by bringing a high-performance, first-to-market solution.”
Founded in 2016 by a group of Israeli Intelligence Corps veterans from Unit 81, the most prestigious technological unit in the Israeli Defence Forces, Innoviz is a global developer of high-performance, solid-state LiDAR sensors and perception software for autonomous vehicles.
To read our full interview with Innoviz’s CEO, click on the link.