Israeli car laser radar chip co Innoviz expands worldwide

Innoviz employees Photo: PR

The company has opened offices in China, Germany, the US, and Japan.

Israeli car laser radar chip co Innoviz today announced the completion of a number of important milestones in its business plan. The company said it has expanded its global business with the opening of offices in Japan, Germany, China, and the US in order to gain proximity to markets with strong demand for its products and/or existing customers, including auto manufacturers, tier-1 suppliers, large vehicle fleets, travel service providers, mapping companies, robotics companies, etc.

This is the first time that the company is hinting that its products are being included in smart and autonomous vehicle projects for public transportation, and in markets directly connected to the auto industry. In the Chinese market, where Innoviz announced its collaboration with a large local tier-1 auto industry supplier, the company recently appointed Rosana Su, who managed Mobileye's activity in China for the past decade, to manage its activity in China. Su is believed to have good connections with the Chinese regulatory system.

Innoviz raised $70 million last year at a company value estimated at $250 million at the time. Venture capital industry sources say that the company is in the midst of another financing round at a company value that is probably double or triple that amount. These figures have not been officially confirmed.

Published by Globes, Israel business news - en.globes.co.il - on December 19, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Innoviz employees Photo: PR
Innoviz employees Photo: PR
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