Israeli auto-tech company Innoviz will begin trading on Nasdaq today after completing its merger with US special purpose acquisition company (SPAC) Collective Growth Corporation. Innoviz will list under the INVZ ticker and begins trading at a company valuation of $1.4 billion.
Innoviz develops Lidar laser sensors for cars. As part of the merger, Innoviz is raising $350 million from the SPAC and an offering to institutional investors. In 2020, the company's revenue was $5 million with negative EBITDA of $65 million and negative free cash flow of $69 million.
According to the company's presentation about the merger, it expects to swing to positive EBITDA in 2024 and positive cash flow in 2025, when it expects revenue of $539 million, EBITDA of $179 million, and free cash flow of $75 million.
Innoviz was founded in 2016 by CEO Omer Kailef, Oren Rosenzweig, Amit Steinberg, and Oren Buskila. The company, based in Rosh Ha'ayin, has raised $252 million to date including a $170 million Series C financing round in 2019. Investors include Samsung, Harman, SoftBank, Phoenix and Harel.
Published by Globes, Israel business news - en.globes.co.il - on April 6, 2021
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