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Innoviz Technologies Will Host a 3-day Global Distributor Summit That Will Boost Sales of LiDAR in Non-automotive Markets

Innoviz Technologies Will Host a 3-day Global Distributor Summit That Will Boost Sales of LiDAR in Non-automotive Market

Innoviz Technologies (NASDAQ: INVZ) (the “Company” or “Innoviz”), a technology leader in high-performance, solid-state LiDAR sensors, and perception software, announced it significantly expanded its production capacity and will host a Global Distributor Summit for its worldwide distributors that help customers purchase and integrate InnovizOne LiDAR. The summit will be at the Company’s new headquarters in Israel from November 14-17, 2022, and support InnovizOne LiDAR sales for non-automotive markets beginning in Q4 2022 and ramping up into 2023.

InnovizOne is Innoviz’s first high-end automotive LiDAR and has won the Company two design wins for series production which is nearing its launch. InnovizOne is currently produced on two parallel production lines in two different sites. The first is the production line in Holly, MI, which is owned by Magna and is serving the BMW program for the upcoming 2023 BMW 7 Series. The second is a production line at a contract manufacturer in Germany, which serves to support the autonomous shuttle program with a leading tier-1 automotive supplier and other customers. As part of the Company’s preparation for these two automotive program launches, Innoviz went through rigorous stabilization, production, and process improvements. These improvements were implemented on all production lines used for InnovizOne and will serve to accelerate the ramp-up of newer products such as InnovizTwo and Innoviz360.

Leveraging the scale, maturity, and quality of the product for the automotive market, InnovizOne can also be used for non-automotive applications such as smart junctions, security, infrastructure monitoring, cranes, construction, automated guided vehicles (AGVs), heavy machinery, agriculture, ports, boats, drones, and the aftermarket. In addition, InnovizOne can be used as a ground truth sensor for both the automotive and non-automotive markets to validate other LiDARs and sensors (e.g. cameras, radars). The production upgrades enable Innoviz to increasingly compete in both the automotive and non-automotive markets simultaneously for additional revenue opportunities.

“I am excited to welcome our partners and global distributors to our 3-day summit and look forward to working together to scale the use of our automotive product InnovizOne, everywhere,” said Omer Keilaf, co-Founder and CEO of Innoviz. “With this increased throughput from the production upgrades, we will be able to address the growing demand from the non-automotive market with a shortened lead time while also serving our automotive customers. Industrialization is key to succeeding in the LiDAR space, and we’re continuing to automate and advance our production lines to stay ahead of the competition.”

Innoviz has built an ecosystem of more than 30 partners and distributors across North America, Asia-Pacific, Europe, the Middle East, and Africa. By bringing together its growing ecosystem of global distributors for the 3-day summit, Innoviz is looking to further promote LiDAR as a high-resolution and durable product to address automotive and non-automotive use cases. Innoviz is calling additional partners and distributors into its ecosystem to accelerate the adoption of InnovizOne and its other LiDAR solutions globally.

“We recognize that distributors bring great value for sales with their regional and domain-specific knowledge,” said Tali Chen, chief business officer of Innoviz. “We are excited to share our vision for how InnovizOne can benefit the non-automotive market with distributors and position us all for collaborative growth and success through the Global Distributor Summit.”

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