Partnership between 3D data-edge perception platform developer and leading LiDAR provider set to plug gap between 3D sensing and real-world intelligent transport, smart spaces and security applications

DERBY, England and TEL AVIV, Israel, June 8, 2021 /PRNewswire/ -- Adaptive 3D edge perception platform company Cron AI and Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today announced a new partnership to deliver an enhanced deep learning enabled perception solution for 3D point cloud data on the sensing edge. The collaboration between Innoviz and Cron AI will accelerate the adoption of the InnovizOne LIDAR sensor and Cron AI's senseEDGE™ platform into the intelligent transport systems, V2X and smart city markets.

senseEDGE, a platform designed to bridge the gap between complex 3D sensing dynamics and real-world applications, is positioned to exploit the unique features of InnovizOne to make better use of its sensor and scanning resources. InnovizOne's dense and high-resolution point cloud enables senseEDGE to provide real-time, low latency, highly accurate and reliable object metadata information that is stronger than traditional object detection and tracking.

With mobility and vehicle electrification accelerating at a rapid pace to meet a greener transportation future, Cron AI and Innoviz's partnership aims to ensure that smart city, road and infrastructure operators also take a forward-looking and connected approach to delivering high-quality, real-time contextual data about objects that move and interact on roads, including vehicles, bicycles, pedestrians, and other road users. The automotive-grade, high-density InnovizOne LiDAR sensor and Cron AI's ruggedized senseEDGE perception platform each deliver real-time data necessary in order for smart city and intelligent transport system applications and connected ecosystems to perform efficiently.

Tushar Chhabra, co-founder and CEO at Cron AI, said "Our goal is to make it easier and more compelling for new industries to access the huge value of 3D point cloud processed data. With InnovizOne, we can now provide customers a perception solution using perception techniques and computing architectures best suited to processing 3D data. This, in turn, means we can remove the layer of choices customers have been forced to make even at the early design stage. In addition to InnovizOne, our senseEDGE rugged edge computing hardware and software platform is expected to support Innoviz's next generation products, such as the InnovizTwo, which was recently announced. Working hand-in-hand with Innoviz, we will deliver an out-of-the-box solution to customers who can now start building products with the confidence that critical decisions will be the right ones."

Omer Keilaf, CEO and co-founder of Innoviz, said: "We are continually seeking ways to reduce cost, risk and time to market for innovators such as Cron AI as we develop new use cases and applications for our LiDAR sensors. Our partnership with Cron AI will allow us to offer and deliver next-generation solutions."                                   

About Innoviz Technologies
Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz's LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety, and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in BMW's consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information, visit www.innoviz.tech.

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Contact Information 
Media@innoviz-tech.com

Investor Contact
Maya Lustig  
Innoviz Technologies   
+972 54 677 8100           
Investors@innoviz-tech.com      

Gateway Investor Relations
Cody Slach or Matt Glover
+1 (949) 574-3860
Investors@innoviz-tech.com

About Cron AI
Struck by the absence of intelligent, scalable, purpose built 'whole solutions' for 3D sensor data perception processing while developing applications for the security industry, Tushar Chhabra and Saurav Agarwala set out to bridge these critical gaps and break down performance bottlenecks when they founded Cron AI in 2015.

Now, Cron AI is developing a disruptive 3D sensor data edge-processing platform, creating an enabling foundation for next-generation applications across mobility, transport infrastructure, smart spaces, automation, and security.

Its senseEDGE™platform is architected from the ground up and specifically designed to address the acceleration requirements of 3D sensing perception processing at the edge. The solution is a ground-breaking fully agnostic (sensor and output), contextually aware, artificially evolving, self-optimizing heterogeneous FPGA-based edge platform. It bridges the gap between complex 3D sensing dynamics and real-world applications, offering:

• Accelerated Artificial Intelligence and Deep Learning algorithms for 3D sensing
• Scalability to support next generations of algorithms and 3D sensing modalities
• User-optimized throughput and latency
• Continuous real-time self-adaptation to environment and context

Cron AI is backed by Venture East, Kitaki and Your Nest, accelerated by Techstars and Cisco. To read more, visit www.cronai.ai/partner-program

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Investors@cronai.ai 

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 revenue and other future financial and operational 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.

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SOURCE Innoviz Technologies