TEL AVIV, Israel and HALLE, Germany, Jan. 6, 2022 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a leading provider of high performance, solid-state LiDAR sensors and perception software, today announced its collaboration with Twinner, a German-based vehicle scanner provider for remarketing and inspection purposes within the automotive industry, to enhance the capabilities of its sophisticated car scanner. Twinner is testing InnovizOne LiDAR with its Digital Twinn® platform to provide a high-quality 360-degree view of the vehicle in order to better assess, inspect and evaluate a vehicle's condition.
Twinner's Digital Twinn® solution utilizes x-ray-like automotive scanning technology to generate a high-quality digital twin model of the vehicle – including its body, roof, underbody, interior and more – to identify defects that would otherwise go unnoticed by the human eye. The Digital Twinn can spot, for example, a scratch on the rim of a tire or a tiny dent on a bumper as well as identify whether a vehicle has previously been repainted so that auto manufacturers, fleet owners, service providers, car dealers and consumers can make better-informed vehicle investment decisions. Twinner has partnered with several large auto manufacturers, sellers, and logistics companies across Europe and Asia.
The integration of Innoviz's automotive-grade, solid-state InnovizOne LiDAR into Twinner's existing sensor suite, which includes multispectral sensors, would enable new features by providing 3D information about the vehicle. Furthermore, Twinner will evaluate Innoviz's rich point cloud data and APIs to support its own perception software. The ability to disclose a vehicle's condition offers value across the automotive ecosystem by providing transparency to car makers, fleet operators, car dealers, and service providers competing in a newly digitized space.
"At Innoviz, we're all about raising the bar on transparency," said Omer Keilaf, CEO and co-founder of Innoviz. "The team at Twinner is driven by a similar philosophy and we're excited to collaborate with them to integrate our high-resolution, solid-state LiDAR technology with their Digital Twinn solution. The inclusion of InnovizOne will further enhance Digital Twinn's value proposition as one of the most sophisticated and accurate scanner for the automotive industry, integrating both remarketing and inspection services."
"Creating transparency and building trust in the automotive space is at the core of our efforts. We are always looking for the most innovative technology partners that share a common vision," said Twinner CEO Silvan Cloud Rath. "Innoviz is a natural partner in our effort to create greater trust in digital transactions."
One of the leading online used car retailers, Carvana, sold approximately 244,000 vehicles online in 2020 (one every 2.2 minutes on average – up 37 percent from the previous year). As digital technologies change the way consumers buy cars, auto makers and car dealers are making significant investments in technologies capable of informing online purchases. The future of a completely digital car-buying experience is around the corner and Innoviz will benefit from being involved in this rapidly growing market.
Founded in 2017, Twinner® is on a mission to revolutionize the automotive industry. Twinner®'s technology makes it possible to create digital images of vehicles so that they no longer need to be viewed in person at specific times in specific locations. In this way, the company brings transparency, security and trust to one of the largest sales markets in the world. Twinner® obtains an incomparably large data set from each vehicle, based on which a Digital Twinn®, i.e., a "digital twin", is created, with which the customer can virtually see more than if he were standing in front of the vehicle themself. The start-up company from Halle has a team of more than 150 experts, all of whom have extensive experience in the automotive and start-up sectors as well as innovation sectors. For more information, visit twinner.com/.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, 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 elected both by an internationally-recognized premium car brand 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 www.innoviz.tech.
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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 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 identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the SEC on April 21, 2021 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.
SOURCE Innoviz Technologies