Innoviz Technologies, an Israeli company providing LiDAR sensors and perception software for safe autonomous vehicles, has entered a multibillion-dollar deal to be the direct LiDAR supplier across multiple brands of a major vehicle manufacturer.
The selection follows “two years of extensive diligence and qualification, and will increase Innoviz’s forward-looking order book by $4 billion to $6.6 billion,” the company revealed in a press statement.
The vehicle manufacturer was not named but there has been speculation that it may be Volkswagen.
“We are proud to deliver our outstanding InnovizTwo LiDAR and perception software as the direct supplier to support this new series production program,” said Innoviz CEO and cofounder Omer Keilaf.
“We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform. In addition, we anticipate more carmakers to follow this decision in their autonomous vehicle programs,” Keilaf said.
Innoviz’s LiDAR and perception software, he explained, “see” better than a human driver and reduce the possibility of error.
Headquartered in Rosh HaAyin and operating across the United States, Europe and Asia, Innoviz has previously been selected for collaborations with carmakers including BMW, as well as by other commercial and industrial leaders for a wide range of use cases.