Innoviz Technologies and Collective Growth Corporation Announce Closing of Business Combination
Innoviz Technologies, a high-performance, solid-state LiDAR sensors and perception software supplier, and Collective Growth Corporation today announced the completion of their previously announced business combination. The combined company will retain the Innoviz Technologies, Inc name.
The successful completion of the business combination will allow Innoviz Technologies to meet the auto industry's booming demand, which has been waiting for the LiDAR technology to mature. Innoviz is engaged in multiple automotive programs with various partners across the globe and is growing.
Innoviz announced that after years of development and rigorous testing, the ramp-up towards high-volume automotive-grade fully automated production of InnovizOne, which will serve the BMW series production, among other customers, and is expected to provide meaningful future revenues. In parallel, the Company will continue introducing the new generation LiDAR InnovizTwo to the market, which is expected to result in further significant cost reduction and performance improvements to accelerate the adoption of safe mobility in all types of cars. Innoviz will continue collecting data and developing new computer vision features for InnovizAPP – the new Automotive Perception Platform. With these developments, Innoviz will further expand the technology gap in the market and strengthen its leadership position on high-performance, cost-effective solid-state LiDAR sensors and perception software for the autonomous driving market and others.
"This is a pivotal moment for the Innoviz team and a historic one for the industry at large," said Omer Keilaf, Co-Founder and CEO of Innoviz. "Since its founding, Innoviz's engineers have pushed the boundaries of LiDAR performance, enabling us to bring a safe, reliable and affordable solution that automakers can adopt at scale. The growing demand from customers in Europe, the U.S., and the Asia Pacific and our growing backlog attest to our significant commitment. Becoming a publicly traded company puts Innoviz on the path to global leadership in the autonomous driving space worldwide, among others."
Bruce Linton, Chairman and CEO of Collective Growth Corporation, said, "Innoviz outperforms its peers by a wide margin when it comes to high-volume LiDAR production and technological development. We are proud to follow them on their journey as a publicly traded company."
As a result of the Business Combination, Innoviz has received approximately $371 million in gross proceeds comprised of Collective Growth's $141 million of cash held in trust following public stockholder redemptions and $230 million from an ordinary share PIPE, including strategic investments from Innoviz's Tier 1 partner Magna International, transaction co-sponsor Antara Capital, the largest investor in the PIPE, Phoenix Insurance and other institutional investors.