Magna makes strategic investment in automated vehicle tech firm Innoviz
The Israel-based company designs Lidar sensors, a key piece of technology in the auto industry's shift to self-driving cars
AURORA, Ont.—Canadian automotive parts firm Magna International Inc. has disclosed a strategic investment in an Israeli technology company that designs solid-state Lidar (Light Detection and Ranging) sensors for vehicles.
Magna started working with Innoviz Technologies Ltd. on the laser-based automated vehicle systems in December of last year and said the new investment will expand the two companies’ collaborative efforts
It did not disclose the financial details of the investment.
“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,” Swamy Kotagiri, the Canadian company’s chief technology officer, said in a statement.
Innoviz’s technology produces high-definition, real-time 3D images of an automated vehicle’s surroundings, ignoring variable weather conditions and changing light. Based in Kfar Saba, Israel, the company says it continues to work on cutting the cost of its new technology, as well as on miniaturizing its sensors to allow automakers to easily integrate them into mass-market vehicles.
Magna said the investment and continued partnership will help it build out its partially- and fully-automated vehicle technology.