PR98748

TEL AVIV, Israel, March 11, 2022 /PRNewswire=KYODO JBN/ --

- Innoviz is announcing its first Global Distributor Summit as it ramps the

production of InnovizOne to meet strong demand from automotive & non-automotive

markets.                          

- Innoviz is hosting a 3-day Global Distributor Summit in its new Israeli

headquarters from November 14-17 with partners and distributors from around the

world, including Europe, North America, Japan, Taiwan and Korea already

registered to attend. The summit will include various strategic, product and

sales leadership sessions to promote the purchase and integration of InnovizOne

into different customer applications.

Innoviz Technologies[https://innoviz.tech/] (NASDAQ: INVZ) (the "Company" or

"Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors

and perception software, announced it significantly expanded its production

capability and will host a Global Distributor Summit for its worldwide

distributors that help customers purchase and integrate InnovizOne LiDAR. The

summit will be at the Company's new headquarters in Israel from November 14-17,

2022, and support InnovizOne LiDAR sales for non-automotive markets beginning

in Q4 2022 and ramping up into 2023.

Recent Innoviz deployments have led to global partnerships ranging from

InnovizOne LiDAR installations in smart cities and ports, and for heavy

machinery and geospatial mapping amongst other non-automotive applications.

InnovizOne is Innoviz's first high-end automotive LiDAR and has won the Company

two design wins for series production which are nearing their launch.

InnovizOne is currently produced on two parallel production lines in two

different sites. The first is the production line in Holly, MI, which is owned

by Magna and is serving the BMW program for the upcoming 2023 BMW 7 Series. The

second is a production line at a contract manufacturer in Germany, which serves

to support the autonomous shuttle

program[https://www.prnewswire.com/news-releases/innoviz-announces-new-design-wi

n-with-leading-tier-1-automotive-supplier-for-its-autonomous-shuttle-program-301

289596.html] with a leading tier-1 automotive supplier and other customers. As

part of the Company's preparation for these two automotive program launches,

Innoviz went through rigorous stabilization, production and processes

improvements. These improvements were implemented on all production lines used

for InnovizOne and will serve to accelerate the ramp up of newer products such

as InnovizTwo and Innoviz360.

Leveraging the scale, maturity and quality of the product for the automotive

market, InnovizOne can also be used for non-automotive applications such as

smart junctions, security, infrastructure monitoring, cranes, construction,

automated guided vehicles (AGVs), heavy machinery, agriculture, ports, boats,

drones and the aftermarket. In addition, InnovizOne can be used as a ground

truth sensor for both the automotive and non-automotive markets to validate

other LiDARs and sensors (e.g. cameras, radars). The production upgrades enable

Innoviz to increasingly compete in both the automotive and non-automotive

markets simultaneously for additional revenue opportunities.

"I am excited to welcome our partners and global distributors to our 3-day

summit and look forward to working together to scale the use of our automotive

product InnovizOne, everywhere," said Omer Keilaf, co-Founder and CEO of

Innoviz. "With this increased throughput from the production upgrades, we will

be able to address the growing demand from the non-automotive market with a

shortened lead time while also serving our automotive customers.

Industrialization is key to succeeding in the LiDAR space, and we're continuing

to automate and advance our production lines to stay ahead of the competition."

Innoviz has built an ecosystem of more than 30

partners[https://innoviz.tech/partners] and distributors across North America,

Asia-Pacific, Europe, the Middle East and

Africa[https://innoviz.tech/distributors]. By bringing together its growing

ecosystem of global distributors for the 3-day summit, Innoviz is looking to

further promote LiDAR as a high-resolution and durable product to address

automotive and non-automotive use cases. Innoviz is calling additional partners

and distributors into its ecosystem to accelerate the adoption of InnovizOne

and its other LiDAR solutions globally.

"We recognize that distributors bring great value for sales with their regional

and domain-specific knowledge," said Tali Chen, chief business officer of

Innoviz. "We are excited to share our vision for how InnovizOne can benefit the

non-automotive market with distributors and position us all for collaborative

growth and success through the Global Distributor Summit."

To consider becoming a distributor or partner for Innoviz's LiDAR solutions and

attend the Global Distributor Summit, please email sales@innoviz-tech.com.

About Innoviz Technologies

Innoviz is a global leader in LiDAR technology, working towards a future with

safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception

software "see" better than a human driver and reduce the possibility of error,

meeting the automotive industry's strictest expectations for performance and

safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected

by internationally recognized premium car brands for use in consumer vehicles

as well as by other commercial and industrial leaders for a wide range of use

cases. For more information, visit innoviz-tech.com.

Join the discussion:

Facebook[https://www.facebook.com/pg/InnovizTechnologies/posts/?ref=page_interna

l], LinkedIn[https://www.linkedin.com/company/innoviz-technologies],

YouTube[https://www.youtube.com/results?search_query=innoviz+technologies],

Twitter[https://twitter.com/InnovizLiDAR]

Media Contact

Media@innoviz-tech.com

Investor Contact

(US)                                                                

Rob

Moffatt                                                                        

VP, Corporate Development &

IR                                                    

Innoviz

Technologies                                                                    

+1 (203)

665-8644                                                                        

Investors@innoviz-tech.com                                                      

Investor Contact (Israel)

Maya Lustig

Director, Investor Relations

Innoviz Technologies

+972 54 677 8100

Investors@innoviz-tech.com

Forward Looking Statements

This announcement contains certain forward-looking statements within the

meaning of the federal securities laws, including statements regarding the

services offered by Innoviz, the anticipated technological capability of

Innoviz's products, the markets in which Innoviz operates, Innoviz's

forward-looking order book, and Innoviz's projected future results. These

forward-looking statements generally are identified by the words "believe,"

"project," "expect," "anticipate," "estimate," "intend," "strategy," "future,"

"opportunity," "plan," "may," "should," "will," "would," "will be," "will

continue," "will likely result," and similar expressions. Forward-looking

statements are predictions, projections and other statements about future

events that are based on current expectations and assumptions and, as a result,

are subject to risks and uncertainties. "Forward-looking order book" is the

cumulative projected future sales of hardware and perception software based on

current estimates of volumes and pricing relating to a project. Many factors

could cause actual future events, and, in the case of our forward-looking order

book, actual orders, to differ materially from the forward-looking statements

in this announcement including but not limited to, the ability to implement

business plans, forecasts, and other expectations, the ability to convert

design wins into definitive orders and the magnitude of such orders, the

ability to identify and realize additional opportunities, and potential changes

and developments in the highly competitive LiDAR technology and related

industries. The foregoing list is not exhaustive. You should carefully consider

such risk and the other risks and uncertainties described in Innoviz's annual

report on Form 20-F filed with the SEC on March 30, 2022 and other documents

filed by Innoviz from time to time with the SEC. These filings identify and

address other important risks and uncertainties that could cause actual events

and results to differ materially from those contained in the forward-looking

statements. Forward-looking statements speak only as of the date they are made.

Readers are cautioned not to put undue reliance on forward-looking statements,

and Innoviz assumes no obligation and does not intend to update or revise these

forward-looking statements, whether as a result of new information, future

events, or otherwise. Innoviz gives no assurance that it will achieve its

expectations.

Photo:

https://mma.prnewswire.com/media/1940247/Innoviz_Technologies_Partnerships.jpg

Photo: https://mma.prnewswire.com/media/1940248/Innoviz_Distributor_Summit.jpg

Logo: https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg

Innoviz Distributor Summit, November 14-17

source: Innoviz Technologies