Israeli lidar sensors for autonomous cars developer Innoviz Technologies is looking to raise between $100 million and $350 million through a merger with blank check company Collective Growth Corp. (Nasdaq: CGRO), people with knowledge of the matter have told "Bloomberg." Following the report Collective Growth's share price rose 21.64% to give a market cap of $229 million. Collective Growth, a special purpose acquisition company (SPAC) is seeking to raise $100 million to $350 million in new equity, "Bloomberg" adds, that would give Innoviz and Collective Growth a valuation of $1 billion or more.
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.
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2020
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