Ahead of its quarterly earnings call, Innoviz Technologies, a lidar and perception software developer, has announced it has been selected by a large OEM to become its direct lidar supplier across multiple brands.
The selection, Innoviz’s third major design win, follows more than two years of extensive diligence and qualification, and will increase the company’s forward-looking order book by US$4bn to US$6.6bn.
“We are proud to deliver our outstanding InnovizTwo LiDAR and perception software as the direct supplier to support this new series production program,” said Innoviz CEO and co-founder Omer Keilaf.
“Being selected by a large-scale multi-brand global vehicle maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude.
“We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform. In addition, we anticipate more car makers to follow this decision in their autonomous vehicle programs.”