HiRain's Convolutional Neural Network (CNN) solution using InnovizOne LiDAR unlocks operational efficiency and port safety

Innoviz Technologies (NASDAQ: INVZ), a leading provider of high-performance, automotive-grade LiDAR sensors and perception software, and its strategic partner HiRain Technologies, a leading Tier 1 solutions provider for the Chinese automotive market, today announced the deployment of InnovizOne LiDAR sensors at ports across China, including on HiRain's autonomous trucks and AGVs. The first deployment started in RiZhao port, with both parties planning to expand the project to additional ports.

Using InnovizOne LiDAR and HiRain's Convolutional Neural Network (CNN), the combined solution is now being used at ports across China, including on autonomous trucks and AGVs, and for Vehicle to Anything (V2X) applications, to improve operational efficiency, mitigate risks and enhance worker safety. Innoviz and HiRain's sensing system is highly durable and can detect vehicles and pedestrians, as well as infrastructure typically found at ports with precise location, distance and size. HiRain's fully integrated system also includes LiDAR protection, heat radiation protection, shock absorption, noise reduction, dustproofing and cleaning.

HiRain developed its own roadside V2X solution using InnovizOne LiDAR. The five-in-one sensor unit monitors traffic from a bird's eye view, collecting environmental data and sending it in real time to a high-performance computer, which then broadcasts the data to all surrounding trucks in order to avoid collisions.

"The global supply chain crisis is being made worse by labor shortages and higher levels of congestion at ports in China and around the world," said Omer Keilaf, co-founder and CEO of Innoviz. "The deployment of HiRain's autonomous vehicle and V2X systems using InnovizOne LiDAR comes at an especially opportune time, as it will greatly improve efficiencies and enable 24/7 operations."

Innoviz and HiRain began working together in 2018, and HiRain plans to integrate Innoviz's next-generation LiDAR sensor, InnovizTwo, into its platforms, to make port operations even safer and more efficient.

"LiDAR is one of the most critical technologies of our time and will play an outsized role in the development of not just autonomous vehicles, but also the infrastructure they require to communicate with one another," said Dr. Chengjian Fan, CTO & Deputy GM of Hirain Technologies. "We have very much enjoyed working with the Innoviz team to bring these products to market, and look forward to developing additional products using Innoviz's solutions."

About Beijing JingWei Hirain Technologies

Founded in 2003, HiRain focuses on providing electronic products, R & D services and overall solutions for high-level intelligent driving to customers in the fields of automobile and unmanned transportation. Headquartered in Beijing, HiRain has established modern production plants in Tianjin and Nantong, forming a perfect R & D, production, marketing and service system. Based on the concept of "value innovation and serving customers", the company adheres to the strategies of "professional focus", "technology leadership" and "platform development", and is committed to becoming a world-class comprehensive electronic system technology service provider, a full stack solution supplier for intelligent networked vehicles, and a leader in high-level intelligent driving MaaS solutions. For more information please visit: https://www.hirain.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

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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 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. Many factors could cause actual future events 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 identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the SEC on April 21, 2021, 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.