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Innoviz Technologies Reports 2021 First Quarter Financial Results TEL AVIV , Israel , May 12 , 2021 - Innoviz Technologies ( Nasdaq : INVZ ) , a technology leader of high- performance , solid - state LiDAR sensors and perception software , today reported its financial results and certain forward - looking guidance for the first quarter ended March 31 , 2021 as well as subsequent operational updates on commercial traction , technology leadership and corporate development . Commercial Traction • • Secured a design win with a leading tier - 1 automotive supplier to implement InnovizOne LiDAR in autonomous shuttles for use in European airports , campuses , local public transportation and more . The Company expects the contract to generate hundreds of millions in revenue by 2030 . Partnered with a leading South Korean perception software and AV technology provider , Vueron , to build an autonomous driving platform . As part of the partnership , Vueron executed a 414 - kilometer , fully automated drive from Seoul to Busan using InnovizOne LiDAR . Announced a partnership with Macnica , Japan's largest distribution company , to sell InnovizOne in Japan . There has been considerable interest from customers in a number of key verticals , including automotive manufacturers as well as leading companies in fields from construction to space travel . Technology Leadership • • Increased manufacturing of InnovizOne at a new high - volume automotive - certified production line in Michigan . The custom designed automated manufacturing equipment successfully passed the Site Acceptance Tests ( SAT ) . Released specifications for the next - generation InnovizTwo LiDAR sensor , which is expected to achieve a 30x performance improvement over InnovizOne at an approximate 70 % bill of material cost reduction , with the aim of promoting ubiquitous adoption amongst automakers . Launched its automotive perception platform , InnovizAPP , to key automotive customers for evaluation . The program , which is based on Innoviz's advanced perception software , leverages sensor data and proprietary Al algorithms to detect and classify objects in the point cloud . Achieved a 90 % yield at Jabil's InnovizOne production line in Jena , Germany , increasing total production capacity and providing additional prospects with samples for evaluation . The Company is working to upgrade equipment at other production lines with the hopes of replicating the increased yield throughout its entire supply chain . Corporate Development Expanded Board of Directors with global technology and automotive industry veterans in connection with the closing of the business combination . The new appointees bring decades of experience leading publicly traded companies and will play a key role in Innoviz's production ramp up and global deployment .