Innoviz Technologies Ltd (INVZ)

[WeTheMarket]

Innoviz Technologies Drives Growth in Asia by Partnering with SpringCloud, Korea's Leading Autonomous Mobility Provider
August 04 2021 - 07:37AM, PR Newswire (US)
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/85751524/innoviz-technologies-drives-growth-in-asia-by-part

TEL AVIV, Israel and SEOUL, South Korea, Aug. 4, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a leading provider of high-performance, solid-state LiDAR sensors and perception software, and SpringCloud, a leading autonomous mobility service provider, recently completed a partnership agreement.



This partnership builds on Innoviz's strong relationships in Korea. NAVER, the Korean IT giant, together with Delphi Automotive and Magna International, invested in Innoviz Technologies in 2017. Additional Korean investors in Innoviz include Samsung, Softbank and SK.

Through this agreement, SpringCloud will gain the ability to distribute Innoviz products in Korea across multiple sectors from automotive OEMs, shuttles and robotaxis, to robotics, drones and industrial applications.

"We are delighted to partner with a strong and leading autonomous mobility service provider such as SpringCloud, to expand our market presence in South Korea and bring our high-performance, solid-state LiDAR sensors to a wide range of applications," said Omer Keilaf, CEO and co-founder of Innoviz.

"We are pleased to partner with Innoviz, which will solidify SpringCloud's position as an advanced autonomous mobility service provider in Korea. Innoviz Technologies' strong global technology presence will ensure that this partnership leads to a long-term bond between the companies for fruitful business together" said Younggi Song, CEO and founder of SpringCloud.

About Innoviz Technologies

Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz's LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety, and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in BMW's consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information, visit www.innoviz.tech.

About SpringCloud

SpringCloud is a Korean pioneering startup that introduced autonomous shuttle service for the first time in Korea. SpringCloud provides advanced autonomous mobility service based on artificial intelligence technology in addition to data analysis service for autonomous mobility. Throughout the country, autonomous shuttles are run by SpringCloud's integrated mobility service, based on on-demand mobile application where passengers can make a seat reservation and pay for shuttle bus fare; Kiosk stations; and IOT smart garages for EV charging and MRO (maintenance, repair, and overhaul). SpringCloud is also active in other business areas such as robot delivery, street-sweeping vehicles and ocean cleaning drones, as well as next generation academic programs. For more information, visit www.aspringcloud.com