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LAZR - Luminar Technologies Inc News Story

$20.42 0.8  4.1%

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Sector
Technology
Size
Large Cap
Market Cap £4.80bn
Enterprise Value £4.45bn
Revenue £10.0m
Position in Universe 1196th / 6854

Self-driving sensor startup Innoviz's shares rise on public debut

Tue 6th April, 2021 9:26pm
By Stephen Nellis
    April 6 (Reuters) - Shares of self-driving car sensor
startup Innoviz  INVZ.O  rose on Tuesday, on its first day
trading as public company.
    The Tel Aviv, Israel-based firm is developing a lidar
sensor, which helps self-driving vehicles gain a
three-dimensional view of the road. The company has a
partnership with BMW  BMWG.DE  to sell the automaker its first
generation of sensors, which cost around $1,000. Innoviz is
working on a second generation sensor which it hopes to sell for
less than $500.
    Shares rose 6.7% to $10.40 near the end of the company's
first day trading on the NASDAQ. 
    Innoviz became public on Tuesday after completing a merger
with publicly listed blank-check firm Collective Growth
Corporation Corp  CGRO.O  that raised $371 million. Four other
lidar firms - Velodyne Lidar Inc  VLDR.O , Luminar Technologies
Inc  LAZR.O , Aeva Technologies Inc  AEVA.N  and Ouster Inc
 OUST.N  - have all become public in recent months. Rival AEye
Inc also plans to become public via a merger with CF Acquisition
III Corp  CFAC.O . 
    "What we need to now is a lot of engineering to compress
everything" in the Innoviz sensor into a smaller package for
automakers, Chief Executive Omer Keilaf told Reuters on Tuesday.
    Lidar sends out laser beams and detects their reflection off
faraway objects to determine how far away they are, similar to
how radar systems use radio or microwave frequencies.

 (Reporting by Stephen Nellis; Editing by David Gregorio)
 ((Stephen.Nellis@thomsonreuters.com; (415) 344-4934;))
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