Above: Omer Keilaf, CEO and co-founder of Innoviz
Innoviz Technologies is building a new business model aimed to position itself as a Direct Tier-1 Supplier of its LiDAR InnovizTwo solution for car manufacturers. The company has developed a solid-state LiDAR technology which was selected by BMW for its fully autonomous car program and for its consumer vehicles. The InnovizOne LiDAR product has also been selected by a leading European Tier 1 automotive company for its shuttle program.
“Innoviz successfully completed an extensive, 12-month Tier 1 supplier audit process conducted by one of the largest car makers in the world, said Omer Keilaf, CEO and co-founder of Innoviz. of Innoviz. “Innoviz is now recognized as a direct supplier as part of the final stage of consideration for a nomination for a L2/L3 program. If received, this recognition would mark an important milestone in our progress.”
During the earnings call following Q3 2021 report, Keilaf explained that working as a Tier-1 supplier will keep the company closer to the car manufacturers, bring bigger deals and reduce the total cost of the systems for the car OEMs. The new business model will be flexible one – and will allow car manufacturers to decide themselves weather they prefer Innoviz to be a Tier-1 or a Tier-2 supplier working with their current Tier-1 suppliers.
Last week NVIDIA completed the integration of Innoviz Perception Platform with NVIDIA’s DRIVE AGX autonomous vehicle development platform. Innoviz’s LiDAR sensor is also integrated with the NVIDIA DRIVE Sim. This move brings the company into the NVIDIA DRIVE ecosystem. According to Keilaf, most of the American and European car companies are working with NVIDIA platform.
lately it was also selected by JueFX for its Vehicle-to-Everything (V2X) solution to improve road safety and traffic alerts for autonomous vehicles in China. JueFX will install Innoviz’s high-performance, solid-state LiDAR on smart city infrastructure and leverage its annotated data to monitor traffic in real time and to send alerts to autonomous vehicles.
Mass production is expected to start in 2023. Meanwhile, the revenues for Q3 2021 were $2.1 million. Innoviz management reaffirmed its forward-looking order book guidance of $2.4 billion, representing the cumulative projected future sales of hardware and perception software through 2030. Innoviz currently has 56 prospective customers in the late stages of technical evaluation.
“Nine are in the RFQ or final commercial negotiations stage. They represent more than $3.4 billion in future potential order book volume. Innoviz expects some of these projects to materialize into contractual relationships by mid-2022.”