Wednesday, November 09, 2022 10:20:13 AM
November 07 2022
https://ih.advfn.com/stock-market/NASDAQ/innoviz-technologies-INVZ/stock-news/89481603/innoviz-technologies-to-host-a-3-day-global-distri
Highlights
-Innoviz is announcing its first Global Distributor Summit as it ramps the production of InnovizOne to meet strong demand from automotive & non-automotive markets.
- Innoviz is hosting a 3-day Global Distributor Summit in its new Israeli headquarters from November 14-17 with partners and distributors from around the world, including Europe, North America, Japan, Taiwan and Korea already registered to attend. The summit will include various strategic, product and sales leadership sessions to promote the purchase and integration of InnovizOne into different customer applications.
TEL AVIV, Israel, Nov. 7, 2022 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, announced it significantly expanded its production capability 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.
Recent Innoviz deployments have led to global partnerships ranging from InnovizOne LiDAR installations in smart cities and ports, and for heavy machinery and geospatial mapping amongst other non-automotive applications.
InnovizOne is Innoviz's first high-end automotive LiDAR and has won the Company two design wins for series production which are nearing their 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 processes 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."
To consider becoming a distributor or partner for Innoviz's LiDAR solutions and attend the Global Distributor Summit, please email sales@innoviz-tech.com.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
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Media Contact
Media@innoviz-tech.com
Investor Contact (US)
Rob Moffatt
VP, Corporate Development & IR
Innoviz Technologies
+1 (203) 665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya Lustig
Director, Investor Relations
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
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