Innoviz Technologies

Innoviz is engaged in production of lidarny sensors which allow autonomous see vehicles the environment. They light surrounding space with laser impulses and measure an indirect light. Sensors of this category traditionally relied on mechanical components, but the Innoviz systems, on the contrary, use so-called solid-state construction without moving mechanical parts.

History

2020: Entry into the exchange

In the middle of December, 2020 the Innoviz Technologies company whose products the auto giant BMW uses, announced entry into the exchange. For this purpose the producer of lidars for pilotless vehicles integrates with the specialized company on target merges and merger (SPAC). Innoviz places the securities at the Nasdaq exchange, using a ticker of INVZ.

SPAC represent the organizations which are created with one purpose - to carry out merge to other firm and to bring it to the market. Such transactions became a popular alternative to initial public offering. Among other things two other suppliers of lidars, Luminar Technologies and Velodyne Lidar used similar approach.

Innoviz Technologies command

Innoviz integrates with SPAC under the name Collective Growth within the transaction which is estimated approximately at $1.4 billion. The producer of lidars hopes to receive a gross revenue from the transaction at the rate to $350 million. From them $150 million will arrive from Collective Growth, and $200 million more from consortium which includes the Canadian giant on production of auto parts Magna International and Antara Capital investment company.

The company claims that it industry-first put on the market the solid lidarny state sensor. According to Innoviz, the absence in its sensors of moving components does them by more long-lasting. In that case these lidars become more profitable for mass production of unmanned vehicles in terms of the cost and maintainability.^[1]

Notes