March 2, 2023
This is what the CEO of Inviz revealed yesterday. The company is also in talks with a “surprising” car manufacturer. “Once you enter a car manufacturer, it is easier for them to implement the LiDAR in more and more models”
The Innoviz company is in talks with the car manufacturer Volkswagen to implement the company’s LiDAR sensor in two additional driving platforms – as the company’s CEO Omer Khilaf revealed yesterday in a conference call with investors after the publication of the annual report. Khilaf also revealed that the company is in initial contacts (RFI) with a car manufacturer to supply several million LiDAR systems. Khilaf noted that the identity of the manufacturer, when known, “will arouse enthusiasm, and probably also surprise.”
Inviz won the first design contract with Volkswagen in May 2022, for the implementation of the LiDAR sensor and the sensing software in one driving platform at the level of L2+/L3 which is installed in several models of several brands of the group. Now, Volkswagen is testing the integration of the second-generation InViZ LiDAR on two more platforms. Techtime has learned that this is a previous VW driving platform and another platform the automaker is developing for higher levels of autonomy, which was not originally designed to include LiDAR. The fact that the CEO of the company chose to make the contacts public indicates that these are advanced contacts with a high probability of maturity.
Khilf: “The expansion of our order backlog with one of our largest customers strengthens our starting point regarding the long term: once you are already ‘on the shelf’ with a car manufacturer, the easier it is for them to include you in more programs and more vehicles and the adoption of LiDAR becomes more widespread . This means that every design win with a new car manufacturer may lead to years, even decades, of growth.” In total, Inviz’s revenues in 2022 amounted to $6 million, while operating expenses stood at $124.6 million.
Accumulated orders of $6.9 billion
Inviz has developed a solid state LiDAR for the automotive industry. The company’s solution is based on the use of a MEMS component that includes a mirror that can move on two axes, thereby performing a laser scan without moving parts.
In December 2022, the company reported that a major car manufacturer from Asia had chosen its second generation sensor, InnovizTwo. The contract should start generating revenue in 2024. This is the third car manufacturer to choose Inviz for implementation in commercial models, along with BMW and Volkswagen. Following the win, Inviz raised its cumulative sales forecast to $6.9 billion.
Published in the categories: Automotive, profit reports, news
Posted in tags: Inviz, Volkswagen
