Benzinga | May 12, 2021 06:39AM EDT

Innoviz Announces New Design Win With Automotive Supplier For Its Autonomous Shuttle Program; Financial Terms Not Disclosed

Innoviz Technologies (NASDAQ:INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, was selected by a leading Tier-1 automotive supplier as the LiDAR provider for its multi-year autonomous shuttle program. Innoviz will provide its InnovizOne solid-state LiDAR units to the company for use on its shuttles, which are expected to become operational by the end of 2022 and change the face of transportation. The shuttles are expected to achieve level 4 autonomy, enable fully automated driving and be used to transport both passengers and cargo in various geo-fenced settings. The agreement is expected to generate hundreds of millions in revenue throughout the life of the program.

The new design win followed a stringent two-and-a-half-year due diligence process conducted by the Tier-1 automotive supplier. As part of the selection process, the supplier completed a thorough review of Innoviz's product reliability, manufacturing processes and maturity, automotive qualifications, corporate processes certifications and more.

Unlike costly mechanical spinners installed on car roofs, InnovizOne is a low-cost, automotive-grade, lightweight solution. InnovizOne is designed to ensure that the shuttles circumvent even the smallest of obstacles. A number of sensors placed in various spots around the shuttle provide both short and long-range vision, removing blind spots and enhancing safety.

"It's a new era in the industry and for Innoviz. This major design win for a leading autonomous shuttle program validates our reputation as the highest quality provider of automotive-grade LiDAR and perception software," said Omer Keilaf, CEO and Co-Founder of Innoviz. "Our technology's versatility enables us to work with customers in nearly every vertical as they work to address the critical transportation issues of our time. As we continue to ramp up production for the BMW program and now our contract with this leading Tier-1 supplier, we're working to funnel new customers into the pipeline and provide the LiDAR solutions necessary for their businesses."

Innoviz Technologies is preparing for the upcoming high-volume manufacturing of its InnovizOne LiDAR sensor for autonomous vehicle programs, including this autonomous shuttle program as well as the BMW Group's next generation of autonomous vehicles.