On June 4th, 2021, Innoviz, the world’s leading high performance solid-state
lidar supplier, announced a merger with Collective Growth Corporation (NASDAQ:
CGRO). The merged company retained the name of Innoviz Technologies, Inc. and
started trading on NASDAQ on the same day with "INVZ" and "INVZW" as the stock
codes.
In August 2017, Gaorong Capital invested in round B financing of Innoviz. Investors in the same round included Delphi and Magna, world's leading auto parts suppliers, Samsung Electronics, Softbank Ventures Korea and Yaotu Capital.
Through the merger, Innoviz raised a total fund of about US $371 million, including US $141 million in trust cash from Collective Growth and US $230 million in common stock from strategic investors such as T1 supplier Magna International, transaction co-sponsor Antara Capital (PIPE's largest investor), Phoenix Insurance and other institutional investors.
Innoviz was established in Israel in 2016 and is a world’s leading high-performance solid-state lidar supplier. Innoviz focuses on the automobile consumption market-- the market with the largest demand for lidar in the short term. At present, Innoviz has introduced a number of MEMS solid-state lidars and supporting awareness software.
"This is a critical moment for the Innoviz team and a historic moment for the entire industry," said Omer Keilaf, the co-founder and CEO of Innoviz. "Since its establishment, Innoviz engineers have been promoting the development of lidar, enabling us to bring safe, reliable and economical solutions to automobile manufacturers. The increasing demands from customers in Europe, America and Asia Pacific, and the increasing number of orders all prove our strength. Becoming a listed company will establish Innoviz's leading position in the world in the field of autopilot."
