Innoviz enters Nasdaq with Equity Value of $1.4 Billion
14 December, 2020
Innoviz to become publicly listed through business combination with Collective Growth. The transaction is expected to provide up to $350 million. BMW chose Innoviz's solid-state LiDAR sensor
Above: Innoviz’ CEO Omer Keilaf (middle), CBO Oren Rosenzweig (left) and Chief R&D Officer Oren Buskila
Making business with automotive Tier-1 companies is more than providing superb technology – it’s also about financial strenth and stability. This is why Tel aviv-based Innoviz Technologies have dicided to go public. This week it announced a definitive agreement to merge with Collective Growth (NASDAQ: CGRO) to become a public traded company with an estimated equity value of approximately $1.4 billion, that will be listed on NASDAQ under the ticker symbol “INVZ”.
Founded in 2016, Innoviz, alongside its mobility tech partner Magna International, was the first to bring a high-end solid-state LiDAR sensor that meets the performance and price requirements of automotive OEMs, robotaxi companies and Tier 1 suppliers. The merger transaction is expected to provide up to $350 million in gross proceeds comprised of Collective Growth’s $150 million of cash held in trust, and $200 million from a fully committed ordinary share PIPE at $10.00 per share, including strategic investments from Magna International, Antara Capital, Phoenix Insurance and other institutional investors.
The transaction has been unanimously approved by the boards of directors of both Innoviz and Collective Growth. It is targeted to close in the first quarter of 2021. Following completion of the transaction, Innoviz will retain its experienced management team. Founder Omer Keilaf will continue to serve as CEO. The Company has grown rapidly, raising $251 million to date and expanding to over 280 employees globally.
Innoviz’s solid-state LiDAR sensors and perception software are built and priced for mass produced consumer autonomous vehicles, a market that accounts for approximately two thirds of the total addressable market for LiDAR in the near term. In addition to Magna International, It has established several partnerships with other world leading Tier-1 automotive suppliers, such as HARMAN, Aptiv and HiRain, which is active in China.
BMW adopts Innoviz LiDAR Sensor
Omer Keilaf, Innoviz CEO said: “Innoviz continues to push the boundaries of LiDAR performance and price. Our engineers, along with our partner Magna International, have been working tirelessly to bring a solution that automakers can adopt at scale and trust to perform safely and reliably. The public listing is a major step on our path to becoming one of the dominant players in the global autonomous driving industry.”
In October 2020, Innoviz had launched InnovizTwo – its next generation of its solid-state automotive-grade LiDAR sensor. The company declined to provide any technical details but said the new sensor provides a major cost reduction design of over 70% compared to InnovizOne, along with significant performance improvement. Samples of InnovizTwo will be available in Q3 2021, with full production expected to begin in 2022.
The first generation LiDAR sensor, InnovizOne, was chosen by BMW (throgh Magna International) for its upcoming autonomous vehicle production platforms. It is expected that it will be installed in BMW’s electric SUV iNEXT, planned to go to the market in late 2021 or in the begininig of 2022. This 905 nm laser wavelength sensor provides detection range of 20cm to 600m with accuracy of 3cm, field of view (HxV) of 73°x20° and frame rate of 10 FPS.
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