- Innoviz’s solution potentially reduces bridge and tunnel collisions globally, which could save lives, prevent costly infrastructure damage, and mitigate severe traffic congestion.
- Drive Group operates and manages major highways and toll roads throughout Israel.
- This collaboration marks ongoing momentum for Innoviz in Smart City and connected infrastructure applications worldwide.
TEL AVIV, Israel, June 13, 2023 /PRNewswire/ — Innoviz Technologies Ltd. (Nasdaq: INVZ) (the “Company” or “Innoviz”), a leading Tier-1 supplier of high-performance automotive grade LiDAR sensors and perception software, announced today that it signed an agreement with Drive Group, a leading toll road operator, to deploy Innoviz’s Bridge Collision Detection solution on highways, tunnels and bridges across Israel.
Development of the Innoviz Bridge Collision Detection solution evolved from substantially testing other on-and off-highway solutions that Innoviz is commercializing, in conjunction with customers looking for LiDAR-based, technology-driven solutions to distinctive problems.
Innoviz’s Bridge Collision Detection solution uses data gathered from Innoviz LiDAR sensors from both sides of a highway, several kilometers ahead of the entrance to a bridge or tunnel. This system establishes a safe operating zone and identifies vehicles with heights or widths exceeding predefined ranges determined by the road operator. System alerts can trigger a camera to identify and share license plate information with local authorities, who can intervene and stop the vehicle to prevent potential collisions. As intelligent transportation systems advance, these types of solutions can be used to send wireless communications directly to a hazardous vehicle for increasingly seamless intervention.
Innoviz’s solution shows potential in significantly reducing false alarms from camera–based software systems currently on the market that create 3D maps of the world based on 2D images. Using a LiDAR-based system, Innoviz offers its customers a truer, more accurate 3D visualization of a vehicle’s dimensions.
“There is no reason to accept the present situation of bridge and tunnel accidents. It is estimated that 2-3% of the world’s bridges are damaged every year, and we believe the technologies being developed at Innoviz can be a game changer for roadways across the world”, said Innoviz CEO and Co-Founder, Omer Keilaf. “We’re excited to partner with Drive Group, who quickly embraced our all-new application for LiDAR-based technology to solve a decades-long problem and serve a real need that can benefit highways around the world.”
Drive Group, a leading operator of highways and toll roads throughout Israel, collaborated with Innoviz in the early phases of commercializing the Bridge Collision Detection system. After a successful first trial, an agreement was signed that created a pathway for DRIVE Group to become a distributor of the technology for a broader deployment to highway and other local authority customers.
“When it comes to road safety, we at Drive Group are committed to finding the most effective, safe and advanced technological solutions out there, said Itamar Ben Meir, CEO of Drive Group. “We are very impressed by the technology developed at Innoviz and its potential to help reduce road accidents, and we are excited that we found a potentially world-leading solution right here in Israel. Our goal is to distribute this solution not just in Israel, but globally.”
On average, 15,000 bridge and tunnel collisions occur in the United States annually. The average cost for repair is estimated at around $18,000 per accident, totaling some $270 million annually in damages caused by this type of accident. Innoviz’s LiDAR for Bridge Collision Detection is among the company’s rapidly growing portfolio of Smart City and connected infrastructure applications and, at scale, represents a potentially sizable opportunity.
To learn more about Innoviz LiDAR for Bridge Collision Detection, please contact: [email protected]
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 margin 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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Investor Contact (US)
Rob Moffatt
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Innoviz Technologies
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Investor Contact (Israel)
Maya Lustig
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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 is not exhaustive. You should carefully consider such risk 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.
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SOURCE Innoviz Technologies
