Innoviz Technologies Ltd. has announced that a leading Asia-based automotive OEM has selected the company as its direct LiDAR supplier for series production passenger vehicles. Innoviz will supply its InnovizTwo LiDAR sensors to help said vehicles upgrade to Level 3 Autonomy. Although the OEM was not named at the time of this announcement, the partnership is expected to generate revenues during fiscal year 2024.
“With this selection, we are continuing our momentum and further demonstrating Innoviz’s capabilities as a Tier 1 supplier to the world’s leading car makers and expanding to additional geographies,” said Innoviz CEO and Co-Founder Omer Keilaf. “We are proud of the significant progress we have made, particularly in recent months, and well positioned to further strengthen and solidify our position as a leading supplier for autonomous vehicles.”
Earlier “Design Win” Announcement
News of this selection is counted as a fourth major design win for Innoviz and its second nomination for passenger vehicle production as a direct supplier. During the summer of 2022, Innoviz announced that CARIAD had selected the company as its supplier of advanced ADAS features for automated vehicles within the Volkswagen Group. That announcement marked Innoviz’s third design win with a major automaker and its first deal as a Tier 1 supplier. “We are thrilled to work with the CARIAD team and be a supplier of LiDAR sensors and perception software to support safe mobility for vehicles launching from the middle of the decade,” Keilaf said at the time.
Forward-Looking Order Book
Innoviz’s forward-looking order book was updated to $6.6 billion following the announcement from CARIAD. Innoviz was founded by former members of the elite technological unit of the Israeli Defense Forces. Collectively, the founders have expertise in electro-optics, computer vision, MEMS design, and signal processing. The rapidly expanding company is considered a global leader in LiDAR technology, working towards a future where autonomous vehicles will operate safely on the world’s roadways.