Startup lands $4 billion LiDAR deal with top automaker
Israeli start-up Innoviz Technologies has landed a deal worth $4 billion to supply Lidar to one of the world’s leading automakers.
Innoviz has not yet named the company in question, saying it will “elaborate further” on its quarterly earnings call scheduled for May 11.
The company did confirm that the deal followed more than two years of diligence and would see its tech used across multiple brands. The partnership means Innoviz now has future orders in place to the value of $6.6 billion.
The deal is believed to be an eight-year commitment, starting from 2025, and prompted a significant spike in Innoviz’s share price.
The company recently revealed its InnovizTwo next-generation Lidar, which it claimed would “revolutionize” the autonomous car industry.
In a video to showcase the tech, CEO and founder Omer Keilaf said: “There are many car makers who are trying to make a decision for Lidar for their vehicles for 2024-2025. Having the ability to show them a product that already meets their requirements and price point is a big advantage.”
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