Innoviz is the Israeli lidar company that BMW chose for its Level 3 autonomous driving system. That single design win, being selected by a major automaker for a production vehicle, is the holy grail that every lidar company has been chasing. The BMW iX uses Innoviz's InnovizTwo sensor. Most lidar companies have demonstrations. Innoviz has a contract with one of the world's largest automakers. In an industry full of promises, a BMW purchase order is worth more than a thousand pitch decks.
Founded
2016
HQ
Rosh HaAyin, Israel
Total Raised
$371 million
Founder
Omer Keilaf, Oren Rosenzweig, Oren Buskila, David Berman
Status
Public (NASDAQ: INVZ)
Website
www.innoviz.techTHE ORIGIN STORY
Omer Keilaf and three co-founders, all veterans of the Israeli Defense Forces' elite intelligence units, founded Innoviz in 2016. They recognized that solid-state lidar, without moving parts, was the only viable path for mass automotive production.
Mechanical spinning lidar (Velodyne's approach) was too expensive, too bulky, and too fragile for production vehicles. Solid-state lidar, built with MEMS (micro-electromechanical systems) mirrors, could be manufactured on semiconductor production lines and integrated into vehicle bodies.
WHAT THEY ACTUALLY DO
Automotive Tier 1 supplier. Innoviz sells lidar sensors and perception software to automakers and Tier 1 automotive suppliers (Magna International is a key partner).
Revenue comes from sensor hardware sales and software licensing.
The automotive business model is high-volume, long-cycle: win a design contract, spend years in development and validation, then ramp production as the vehicle launches. Revenue comes in waves aligned with vehicle production schedules.
THE PRODUCTS
InnovizTwo is the production-grade solid-state lidar sensor designed for automotive integration. It offers 250-meter range, high resolution, and automotive-grade reliability.
InnovizOne was the first-generation sensor. Innoviz Perception Software processes lidar data into actionable driving decisions.
The sensor is designed for Level 2+ through Level 5 autonomous driving applications.
HOW THEY GREW
The BMW design win was the breakthrough. Being selected for the BMW iX validated Innoviz's technology and opened doors to other automakers.
Additional design wins with Volkswagen Group and other OEMs have followed.
Magna International, one of the world's largest automotive suppliers, serves as Innoviz's manufacturing and integration partner. Magna's relationships with every major automaker give Innoviz access to the entire automotive industry.
THE HARD PART
Automotive timelines are painfully long. A design win in 2018 might not generate significant revenue until 2025 or later.
In the meantime, the company burns cash on R&D and operations.
Competition from Luminar (Ford, Mercedes partnership), Hesai (dominant in China), and camera-only approaches (Tesla's vision-only system) threatens market share.
The stock has declined significantly from its SPAC price as investors have become impatient with the slow automotive revenue ramp.
MONEY TRAIL
Series A
2016 · Led by Zohar Zisapel
$9M raised
Series C
2019 · Led by SoftBank
$132M raised
SPAC
2021 · Led by Collective Growth Corp
$371M raised
$1.4B valuation
WHO BACKED THEM
Innoviz raised $371 million including SPAC proceeds. Key investors include SoftBank, Samsung, Magna International, BMW i Ventures, and Delphi Technologies.
The company went public via SPAC in 2021.
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