Innoviz Technologies' LiDARs to Be Deployed Across Major International Airports in the United States by The Indoor Lab to Improve Passenger Safety and Operational Efficiency Using AI Capabilities

Rhea-AI Summary

Innoviz Technologies (Nasdaq: INVZ) has entered a distribution agreement with The Indoor Lab to deploy InnovizTwo LiDARs across major US airports, starting with Denver, Tampa, and Nashville International airports. This collaboration aims to enhance passenger safety and operational efficiency using AI capabilities.

The Indoor Lab is shifting from cameras to LiDAR-based solutions, offering higher-quality and more accurate data for airport management. By utilizing InnovizTwo LiDARs with machine learning and AI, they can provide an accurate solution for identifying, classifying, and informing about potential challenges or threats in various airport areas.

This partnership will enable enhanced visibility and data analytics for airport partners, creating a safer and more efficient environment for travelers. The LiDAR technology allows AI-based perception systems to interpret what cameras and other RF-based sensors cannot, significantly improving safety across entry and exit points, tarmacs, baggage check, terminals, and runways.

Positive

• Distribution agreement with The Indoor Lab to deploy InnovizTwo LiDARs in major US airports
• Expansion into non-automotive LiDAR market, specifically airport management
• Partnership enhances Innoviz's presence in the transportation safety sector

Negative

• None.

The Indoor Lab will begin installations of InnovizTwo at some of the fastest growing airports in the US, including Denver International Airport, Tampa International Airport, and Nashville International Airport 

TEL AVIV, Israel, Aug. 6, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a world leader and Tier 1 supplier of high-performance LiDAR solutions, entered into a distribution agreement with The Indoor Lab LLC, a world leader in non-automotive LiDAR analytics, to deploy InnovizTwo LiDARs across its airport portfolio, beginning with Denver, Tampa, and Nashville International airports. This collaboration will enable airport partners with exceptional visibility and data analytics to help create a safer and more efficient environment for travelers.

As the lifeblood of global travel and with ever-growing populations and globalization, adding advanced 3D sensing tools onto airport management is essential to ensure a smooth and secure traveling experience. The Indoor Lab is pioneering the shift from cameras to LiDAR-based solutions, providing higher-quality and exceptionally accurate data for stakeholders. By utilizing InnovizTwo LiDARs for end-to-end airport operational and safety management using machine learning and AI capabilities, The Indoor Lab will be able to offer an accurate solution that identifies, classifies, and informs infrastructure and transit management professionals about potential challenges or threats that may occur. The LiDAR enables AI-based perception systems to interpret what cameras and other RF-based sensors cannot, therefore vastly improving safety across entry and exit points, tarmacs, baggage check, terminals and runways.

"As we enhance our safety portfolio of products in the transportation sector, we have found that InnovizTwo directional LiDAR sensors offer some of the highest point cloud density and frames per second. This capability enables our Artemis perception platform to deliver unparalleled products and services for our key airport partners," says Patrick Blattner, Founder and CEO of The Indoor Lab.

"Safety is paramount, not only on roads but anywhere people gather, and our partnership with The Indoor Lab will ensure peace-of-mind for travelers," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Our dynamic and adaptable InnovizTwo platform is the perfect complement to Indoor Lab's AI-based data analytics capabilities and will help to create safer and more effective airports worldwide."

About The Indoor Lab
The Indoor Lab is a privately held, wholly owned U.S. company and the only company in the world with a complete lidar-based enterprise perception platform. Founded by leaders in the queuing and flow analytics space, with over 15 years of experience in passive analytics and 10 years in lidar, The Indoor Lab has been at the forefront of innovative solutions for some of the largest airports and brands globally.

The Indoor Lab strives to be at the cutting edge of innovation, continually advancing its perception software capabilities and fostering collaboration across industries and disciplines. By leveraging cutting-edge technologies such as lidar, we aim to enhance safety, promote environmental sustainability, and empower communities to thrive in an ever-evolving global landscape

About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and 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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Media Contact
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Investor Contact
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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, future series production nominations, 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, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. 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 12, 2024 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

FAQ

Which airports will deploy Innoviz Technologies' LiDARs initially?

Innoviz Technologies' LiDARs will be initially deployed at Denver International Airport, Tampa International Airport, and Nashville International Airport.

What is the purpose of deploying InnovizTwo LiDARs in airports?

The purpose is to improve passenger safety and operational efficiency in airports using AI capabilities, providing enhanced visibility and data analytics for airport management.

How does InnovizTwo LiDAR technology improve airport safety?

InnovizTwo LiDAR enables AI-based perception systems to interpret what cameras and other RF-based sensors cannot, improving safety across entry and exit points, tarmacs, baggage check, terminals, and runways.

What is the stock symbol for Innoviz Technologies?

The stock symbol for Innoviz Technologies is INVZ, traded on the Nasdaq stock exchange.