The software company and Tier 1 LiDAR supplier are also in discussions about a possible extension of their partnership

TEL AVIV, Israel, May 2, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced that it is on-track to deliver LiDAR-technology for CARIAD's future advanced driver assistance systems (ADAS) and automated driving functions.

Since naming Innoviz as its direct LiDAR supplier, Innoviz and CARIAD have been working closely to understand unique engineering needs and to optimize processes that will support the use of LiDAR-enabled ADAS and automated driving systems. CARIAD and Innoviz are evaluating concepts to accelerate the integration of LiDAR systems, aiming to improve time to market and lower overall system costs.

"We are thrilled to further discuss possibilities of expanding our relationship with CARIAD and accelerating the adoption of LiDAR," said Innoviz CEO and Co-Founder, Omer Keilaf, "We are proud to serve CARIAD as a Tier-1 supplier and to collaborate as a like-minded tech leader in the space".

"CARIAD is working on the automated driving of the future as one important pillar in our strategy. For future automated driving functions, we selected Innoviz as our LiDAR partner not only because of their automotive experience and technological expertise, but also for the flexibility and creativity that their team brings to the table," said Anton Stippler, Head of LIDAR and Camera development, at CARIAD.

The companies are actively engaged in advanced testing and on-road validation and are on solid footing to deliver this milestone.

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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Maya Lustig                                                                       
Innoviz Technologies
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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 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 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 March 9, 2023 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.