Innoviz jumps on Mobileye LiDAR sensor deal

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Mobileye, which closed its LiDAR unit in September, will now integrate Innoviz's solution into its systems.

Israeli laser (LiDAR) sensor developer Innoviz Technologies Ltd. (Nasdaq: INVZ) saw its share price jump 28.1% on Wall Street on Thursday and Friday and 36% during the entire week. The sharp rise came after the Rosh Ha'ayin-based company, led by CEO and cofounder Omer Keilaf, announced that Israeli advanced driving assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) would integrate Innoviz's solutions into its systems.

In September Mobileye announced that it was closing its LiDAR sensor unit and laying off 100 employees.

Innoviz began trading on Wall Street in 2021 through a SPAC merger at a company valuation of $1.4 billion. Like many of the companies that completed SPAC merger at the peak of the tech bubble in 2021, Innoviz has lost most of its value. Even after last week's sharp rise in its share price, the company only has a market cap of $157 million, although it has risen 91% since its lowest-point last month.

Published by Globes, Israel business news - en.globes.co.il - on December 15, 2024