Innoviz is focusing expansion efforts in key automotive markets including the U.S., Europe, Japan and China. The company also plans to expand its R&D efforts by investing in the buildout of next-generation products and software that will feature more cost reductions and improved performance.
"We've experienced significant growth over the past year to meet increased demand for solid-state lidar. This fundraising enables many of the substantial commitments it takes to bring this technology to market at a massive scale — the scale required by Tier 1 suppliers and automakers leveraging lidar to deliver autonomous vehicles to the masses by 2021”, said Omer Keilaf, CEO and co-founder of Innoviz. He added that the company will transition its production, manufacturing and R&D efforts into the next phase.
Innoviz's perception software coupled with its advanced lidar technology is said to create a holistic hardware and software stack that turns lidar data into an indispensable input for autonomous driving. Rather than focusing on bringing quick solutions to the market, the company preferred to develop its product and perception software through partnerships with original equipment manufacturers (OEMs) and Tier 1 suppliers, including Magna, Harman, HiRain Technologies and Aptiv, to assure full compliance with automotive-grade production standards.
A partnership with Magna International, which also participated in the round, resulted in Innoviz's automotive-grade lidar, InnovizOne, and its computer vision software being selected by BMW for series production of vehicles starting in 2021 – an industry-first design win for solid-state lidar that was instrumental in defining a path for lidar to enter the automotive industry. Innoviz's new funding will assist in bringing this program, as well as additional automotive OEM design wins, to production at scale, as well as provide overall support for the expected company growth.