Magna invests in LiDAR tech firm Innoviz
Magna is a market leader in advanced driver-assistance systems and is investing in industry-leading technology to enable future mobility systems.
Canadian automotive parts firm Magna is expanding its existing partnership with Israel’s Innoviz Technologies to better push into the autonomous vehicle capabilities market.
The Israel-based solid-state LiDAR technology company has been collaborating with Magna since December 2016.
Since then, Magna has grown its suite of sensor technologies and features that enable Level 3/4/5 autonomous driving capabilities.
Magna is considered a market leader in advanced driver-assistance systems and is investing in industry-leading technology to enable future mobility systems.
“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,” explains Swamy Kotagiri, Magna’s Chief Technology Officer.
Innoviz’s solid-state LiDAR is capable of providing high-definition, 3D, real-time images of the vehicle’s surroundings regardless of changing light and weather conditions. It can be easily 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.
No financial details of the investment were disclosed.