Magna invests in Israel's LiDAR technology company Innoviz
Automotive supplier Magna has invested in Israel’s light detection and ranging (LiDAR) firm Innoviz Technologies in a bid to expand an existing collaboration between the companies.
The company’s collaboration with Innoviz started in December last year.
Magna stated it has been expanding its complete suite of sensor technologies and features that enable Level 3/4/5 autonomous driving capabilities.
Magna chief technology officer Swamy Kotagiri said: "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 LiDAR technology is capable of providing high-definition, 3D, real-time images of the vehicle's surroundings regardless of varying light and weather conditions.
Furthermore, integration of the technology into any vehicle can take place at a reduced cost.
Innoviz Technologies co-founder and CEO Omer Keilaf said that the company will work with Magna to help bring smarter and safer LiDAR technology to market.
Keilaf added: "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."
Innoviz develops LiDAR remote sensing solutions to enable the mass commercialisation of autonomous vehicles.