Business
Innoviz Technologies Reports 2021 Second Quarter Financial Results
TEL AVIV, Israel, Aug. 11, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Aug. 11, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reports financial results for the second quarter ended June 30, 2021. Innoviz reaffirms its previously announced long-term guidance, increases its order book potential wins, and provides operational updates on commercial traction, technology leadership and corporate development.\n \n \nCommercial Traction\nSignificant progress and high performance in the company's global business generation strategy with prospects and potential customers, facilitated by its research and development teams. Realized continued momentum from the shuttle program design win continued and we aim to increase our volume through additional orders in the near future. Won an advanced development project with a European autonomous truck company, which provides for Innoviz to equip the customer's 2021 fleet with Innoviz technology. Innoviz believes it is well-positioned to pursue multi-year contracts after the testing phase is complete. Secured four new technical partnerships that expanded the company's presence in Asia:1. Edom - One of Asia's largest electronics and semiconductor distributors will seek to drive sales and enhance support initiatives for Innoviz's LiDAR solutions in the Greater China region. 2. Whale Dynamic - China based full stack L4 autonomous driving company. Their platform will utilize InnovizOne LIDARs, replacing previous generation Innoviz LiDAR, as its primary sensors with the goal of creating the world's best sensor fusion design.3. SpringCloud - Korea based B2B Autonomous Mobility as a Service (MaaS) provider, with a platform conducting autonomous driving data analysis and perception validation. SpringCloud will distribute Innoviz products in Korea across multiple sectors.4. Curium – Singapore based autonomous driving platform provider focused on the calibration and integration of LIDARs and other sensors for autonomous driving that will promote Innoviz LiDAR in the region.Technology Leadership\nCompleted several design cycles and are on the verge of freezing the hardware design for InnovizOne. Innoviz believes it is among the first in the industry to reach this milestone and is seeing strong traction for the product. Developed early samples of InnovizOn...