Auto Suppliers Magna & Delphi Join Hands For Funding LIDAR Company Innoviz Technologies
Magna International Inc and Delphi Automotive, two top automotive suppliers have joined hands for a $65 million funding round in Innoviz Technologies. Innoviz Technologies makes laser-based sensor technology that’s used in autonomous vehicles.
The Series B funding round came amidst preparation by Innoviz for the debut in 2019 of its automotive-grade solid-state LIDAR device, known as the InnovizOne. InnovizOne will work for partial and fully self-driving systems.
Suppliers Magna and Delphi will be offering Innoviz’s tech to the car makers they work with.
Innoviz also has plans for mass production of its LIDAR platform so it can test and develop them, with plans starting from 2018’s first quarter.
Experts in auto industry think Lidar will be one of the most crucial tools for the reliable performance of fully autonomous vehicles and hence, it requires prime focus while making an investment. LIDAR makes use of light pulses, which are reflected off various objects for gauging the position near and on the road.
The investment led by the rivals Delphi and Magna underscores the desire of auto suppliers to create or identify self-driving solutions for the global automakers. Such tier-one suppliers are working as system integrators with responsibility for vetting tech and devices that are further integrated into the automobiles.
The complexity cost as well, as well as the accelerated pace of self-driving vehicle development, to drive alliances between auto makers and suppliers, as well as makers and suppliers of specific tech like LIDAR.
InnovizOne LIDAR can see objects at 200 meters with a reflectivity of 50 percent, much better than rivals whose devices can see objects with a reflectivity of 80 percent.
Last month, Delhi had announced about it acquiring a minor stake in the Innoviz.