Magna invests in Israeli automated vehicle tech firm Innoviz
Innoviz designs Lidar sensors, a key piece of technology in the auto industry's shift to self-driving cars.
Canadian automotive parts supplier Magna International Inc. has made what it calls a “strategic investment” in Israeli technology company Innoviz Technologies Ltd., which designs solid-state Lidar (Light Detection and Ranging) sensors for vehicles.
Aurora, Ont.-based Magna first started collaborating with Innoviz on the laser-based automated vehicle systems in December 2016, and since then has been expanding its overall suite of sensor technologies and features, such as Lidar, that enable self-driving driving capabilities.
“As a market leader in advanced driver-assistance systems, Magna continues to accelerate our development and investments in industry-leading technologies to enable future mobility systems,” said Swamy Kotagiri, Magna’s Chief Technology Officer. “Solid-state LiDAR is a crucial piece of the puzzle as we integrate multiple technologies that position us as the go-to supplier to meet and exceed our customers’ autonomous needs.”
Innoviz’s solid-state LiDAR can provide high-definition, 3D, real-time images of the vehicle’s surroundings, Magna said, and can be integrated into any vehicle at significantly reduced cost compared to commercially available LiDAR technologies with comparable performance.
“With its renowned expertise, advanced product offering and strong market position, Magna has proven itself as a pioneer in the field of autonomous driving, and we are honored to work with the Magna team to help bring smarter and safer LiDAR technology to market,” said Omer Keilaf, co-founder and CEO of Innoviz. “This strategic investment affirms that our groundbreaking LiDAR technology lives up to the high standards Magna has set for safety and performance, and if it can adhere to Magna’s standards it can become the industry standard as well.”