- Magna invests in Innoviz Technologies Ltd. to expand existing collaboration with solid-state LiDAR technology innovator
- Incorporation of Innoviz's LiDAR technology enhances Magna's Level 3/4/5 autonomous driving sensor solutions
- Investment demonstrates Magna's commitment to continue investing in leading edge automotive technologies
AURORA, ON, Aug. 29, 2017 /CNW/ - Magna has recently made a strategic investment to expand its existing collaboration with Innoviz Technologies Ltd., a pioneer in solid-state LiDAR technology. Magna started collaborating with Innoviz in December 2016.
Magna has been steadily expanding its overall suite of sensor technologies and features that enable Level 3/4/5 autonomous driving capabilities.
"As a market leader in advanced driver-assistance systems, Magna continues to accelerate our development and investments in industry-leading technologies to enable future mobility systems," said Swamy Kotagiri, Magna's Chief Technology Officer. "Solid-state LiDAR is a crucial piece of the puzzle as we integrate multiple technologies that position us as the go-to supplier to meet and exceed our customers' autonomous needs."
Innoviz's solid-state LiDAR can provide high-definition, 3D, real-time images of the vehicle's surroundings regardless of changing light and weather conditions. It can be easily integrated into any vehicle at significantly reduced cost compared to commercially available LiDAR technologies with comparable performance.
"With its renowned expertise, advanced product offering and strong market position, Magna has proven itself as a pioneer in the field of autonomous driving, and we are honored to work with the Magna team to help bring smarter and safer LiDAR technology to market," said Omer Keilaf, co-founder and CEO of Innoviz. "This strategic investment affirms that our groundbreaking LiDAR technology lives up to the high standards Magna has set for safety and performance, and if it can adhere to Magna's standards it can become the industry standard as well."
Magna will demonstrate its autonomous driving enabling technologies, including Innoviz's solid-state LiDAR technology, at the upcoming 2017 International Motor Show (IAA) in Frankfurt, Germany, Hall 8, booth D34.
Autonomous, self-driving, sensors, level four, level 4, LiDAR
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ABOUT INNOVIZ TECHNOLOGIES
Innoviz develops cutting-edge LiDAR remote sensing solutions to enable the mass commercialization of autonomous vehicles. The company's LiDAR products, InnovizOne™ and InnovizPro™, offer solid-state design that uses Proprietary technology to deliver superiorperformance at the cost and size required for mass market adoption. Headquartered in Israel, the company was founded in January 2016 by former members of the elite technological unit of the Israeli Defense Forces with renowned expertise in the fields of electro-optics, computer vision, MEMS design and signal processing. Innoviz is backed by strategic partners and top-tier investors. For more information, visit www.innoviz.tech.
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SOURCE Magna International Inc.
For further information: MAGNA INVESTOR CONTACT: Louis Tonelli, Vice-President, Investor Relations, [email protected], 905.726.7035; MAGNA MEDIA CONTACT: Tracy Fuerst, Global Director of Corporate Communications & PR, [email protected], 248.631.5396; INNOVIZ MEDIA CONTACT: Matt McAllister, Fluid PR & Communications, [email protected], 510.229.9707