Israeli LiDAR sensors for autonomous cars developer Innoviz Technologies has announced that it is to list on Nasdaq through a merger with blank check company Collective Growth Corp. (Nasdaq: CGRO). The merged company will now list under the ticker INVZ and retain the Innoviz Technologies name. The deal, which is being sponsored by Antara Capital LP and Perception Capital Partners LPC, will provide the Israeli company with up to $350 million in capital at a valuation of $1.4 billion for the merged company.
The deal will provide Innoviz with $150 million of cash held in trust by Collective Growth (a special purpose acquisition company or SPAC company), assuming no redemptions by public stockholders, and a $200 million fully committed ordinary share PIPE at $10 per share, led by Antara Capital and including strategic investments from Magna International, Innoviz's Tier-1 partner, Phoenix Insurance and other institutional investors.
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 last year. Investors include Samsung, Harman, SoftBank, Phoenix and Harel.
Innoviz's development, based on a high-definition solid-state LiDAR sensor, facilitates remote 3D scanning and provides a high-definition image of a vehicle's surrounding in all weather conditions. The final product is smaller and cheaper than comparable laser-based products, while significantly improving range and resolution.
Keilaf said, "Innoviz continues to push the boundaries of LiDAR performance and price. Our engineers, along with our partner Magna International, have been working tirelessly to bring a solution that automakers can adopt at scale and trust to perform safely and reliably for the entire lifecycle of their vehicles. This milestone is pivotal for our continued growth and the advancement of the autonomous vehicle industry as a whole. It requires 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."
Published by Globes, Israel business news - en.globes.co.il - on December 11, 2020
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