LiDAR firm and OurCrowd portfolio company Innoviz (NASDAQ:INVZ) traded on the Nasdaq this week as part of a SPAC deal that was revealed earlier this year.
Innoviz became a publicly listed company through a business combination with Collective Growth Corporation in a transaction sponsored by Antara Capital LP and Perception Capital Partners LLC. The transaction was said to have provided $371 million in gross proceeds including a PIPE.
Innoviz is a manufacturer of solid-state LiDAR sensors and perception software. As the technology is incorporated into a growing number of vehicles and autonomous vehicles become a reality and, in the not-so-distant future, ubiquitous, Innoviz is well-positioned to benefit from this new sector of technology.
In a recent report in Yahoo, Innoviz said it expects that revenue will stand at about $9 million in 2021 but will grow to around $237 million in 2024. Innoviz is said to be “ahead of the pack” when it comes to LiDAR. Its 2nd generation product costs around $500 but the company anticipates cost per product to drop to around $150 as the company scales.
For OurCrowd, Innoviz represents another exit from its portfolio. In total, OurCrowd has now seen around 40 or so of its investments generate an exit for their investors.
Founded in 2016, Innoviz was backed by OurCrowd investors in 2017 raising $2,777,867. While it is not exactly clear what type of return was generated for OurCrowd investors this is the type of news a crowd investors likes to see.
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