Innoviz Technologies, the Israeli provider of solid-state lidar sensors and perception software, announced on Friday that it will go public without a traditional initial public offering (IPO) process. The company said it will go through a merger with a special purpose acquisition company (SPAC) called Collective Growth Corporation, a “blank check” shell corporation firm formed to take companies public without an IPO.
The deal will value the company at USD 1.4 billion.
Innoviz was founded in January 2016 by Omer Keilaf, Oren Rosenzweig, Oren Buskila, and Amit Steinberg. It has become a leading provider of lidar sensing solutions for the mass commercialization of autonomous vehicles, developing technology that generates a precise and constantly updating 3D map of a car’s surroundings. Innoviz’s partners and clients include BMW Group, Magna International, Harman, Aptiv, and HiRain.
The company had previously raised over USD 250 million, with investors including Shenzhen Capital Group, Shanghai’s New Alliance Capital, Israel-based insurance companies Harel Insurance Investments and Phoenix Holdings Ltd., as well as SoftBank Ventures Asia.
The SPAC deal will supply Innoviz with USD 350 million in gross proceeds, which is the sum of USD 150 million from Collective Growth and USD 200 million from private investors including Antara Capital and Magna International.
The merge is expected to close in the first quarter of 2021. Innoviz will trade on the Nasdaq under the symbol INVZ.
“This milestone is pivotal for our continued growth and the advancement of the autonomous vehicle industry as a whole,” said Keilaf, who serves as CEO. “It requires a significant investment of time and resources and we’ve made great strides due to the support of our investors and partners. The public listing is a major step on our path to becoming one of the dominant players in the global autonomous driving industry.”
“Working with companies like Innoviz to transform innovative technologies into game-changing automotive-grade products is a win for our customers and the industry as we tackle challenges that come with autonomous vehicle development,” said Swamy Kotagiri, Magna International president and incoming CEO. “Innoviz lidar technology, along with Magna’s ADAS [advanced driver-assistance systems] expertise, software integration, and manufacturing excellence is meeting the need by bringing a high-performance, first-to-market solution.”
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.