Innoviz Technologies and Collective Growth Corporation have successfully completed their plans to create a new business combination. The business combination provides Innoviz with approximately $371 million in gross proceeds comprised of Collective Growth’s $141 million of cash held in trust following public stockholder redemptions and $230 million from an ordinary share PIPE, including strategic investments from Innoviz’s Tier 1 partner Magna International, transaction co-sponsor Antara Capital, the largest investor in the PIPE, Phoenix Insurance, and other institutional investors.
The move will ultimately position Innoviz to capitalize on growth catalysts and expand its product portfolio.
“Innoviz outperforms its peers by a wide margin when it comes to high-volume LiDAR production and technological development,” said Bruce Linton, Chairman and CEO of Collective Growth Corporation. “We are proud to follow them on their journey as a publicly traded company.”
On Wednesday, March 31st, 2021, the business combination was approved at a special meeting of Collective Growth’s stockholders. As of Tuesday, April 6th, 2021, the combined company (which will retain the Innoviz Technologies, Inc. name) and its ordinary shares and warrants will commence trading on NASDAQ under the ticker symbols “INVZ” and “INVZW.”
“The successful completion of the business combination will allow Innoviz Technologies to meet the booming demand of the auto industry, which has been waiting for the LiDAR technology to mature,” a statement from the company reads. “Innoviz is engaged in multiple automotive programs with multiple partners across the globe and is growing.”
Innoviz Product Portfolio
The NASDAQ listing and business combination with Collective Growth Corporation comes as Innoviz is moving towards series production of InnovizOne with BMW. Likewise, InnovizTwo, a high-performance, automotive-grade LiDAR sensor, is also on the horizon (samples will be available in Q3 2021). According to the company, InnovizTwo will allow OEMs to offer safe Level 2+ vehicles, with a path to Level 3 via software updates, at a reduced cost.
Most recently, Innoviz revealed its new perception platform called InnovizAPP, which provides state-of-the-art object classification. InnovizAPP leverages data from Innoviz’s LiDAR sensors, coupled with proprietary AI algorithms, to analyze the point cloud and estimate an object’s speed.
“This is a pivotal moment for the Innoviz team and a historic one for the industry at large,” said Omer Keilaf, Co-Founder and CEO of Innoviz. “The growing demand from customers in Europe, the U.S., and the Asia Pacific and our growing backlog attest to our significant commitment. Becoming a publicly-traded company puts Innoviz on the path to global leadership in the autonomous driving space worldwide, among others.”
A group of Israeli Intelligence Corps veterans created Innoviz in 2016. “Since its founding, Innoviz’s engineers have pushed the boundaries of LiDAR performance, enabling us to bring a safe, reliable, and affordable solution that automakers can adopt at scale,” Keilaf said.