Innoviz Technologies Partners with Leading Electronics Distributor EDOM Technology to Accelerate Business Development in Greater China
TEL AVIV, Israel and TAIPEI, Taiwan, Aug. 5, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a leading provider of high-performance, solid-state LiDAR sensors and perception software, and EDOM Technology, a leading electronics distributor based in Taiwan, announced a partnership to drive sales and enhance support initiatives for Innoviz's LiDAR solutions in the Greater China region.
EDOM Technology will leverage its relationships with major manufacturers as well as its large staff of sales and support personnel to accelerate adoption of Innoviz's LiDAR solutions in the world's largest automobile market. Additionally, EDOM Technology will expand Innoviz's footprint into adjacent market segments, including security, construction, agriculture, robotics, drone, rail, industrial, IoT, smart city, and marine transport.
The partnership with EDOM further strengthens Innoviz's presence in Asia and compliments Innoviz's existing relationships with leading Tier 1 suppliers HiRain Technologies and Harman International Industries, a wholly-owned subsidiary of Samsung Electronics, in Asia.
"At Innoviz, we are committed to bringing the most reliable and highest-resolution LiDAR to market for a wide range of applications ranging from automotive to agriculture," said Omer Keilaf, CEO and co-founder of Innoviz. "We are delighted to partner with a strong and well-established distribution company like EDOM to expand our market presence in the Greater China area."
"EDOM Technology always chooses the most innovative and cutting-edge technologies to support," said Wayne Tseng, Chairman of EDOM Technology. "We see InnovizOne as the optimal partner for autonomous driving systems and are proud to partner with a technology leader like Innoviz. We look forward to developing and realizing automotive and non-automotive business opportunities initially within Greater China and ultimately across the continent at large."
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.
About EDOM Technology
More than Distribution, EDOM is Your Best Solutions Partner
Founded in July 1996 and headquartered in Taipei, EDOM Technology is Asia's best distribution and solutions provider. With subsidiaries in China, Singapore, Thailand, India, Malaysia, South Korea and Japan, EDOM provides best-in-class distribution and solutions-based services to vendors, ODMs and OEMs around Asia and the world. EDOM has years of experience serving established markets and anticipating the requirements for leading edge products and applications, including portable and wearable devices, wireline and wireless communications, Internet of Things (IoT), automotive, robotics, medical, industrial control, computers and many other applications. With deep technical experience in opto-electronics, digital, analog and mixed-signal applications, and excellent logistics and operation, EDOM bridges the gap between vendors, customers and partners to provide a full range of services and solutions. For more information, please visit www.edomtech.com.
Gateway Investor Relations
Cody Slach or Matt Glover
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.
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SOURCE Innoviz Technologies
Released August 5, 2021