Combining Visionary.ai's Camera Imaging
Software and Innoviz's LiDAR and Perception Software
Enhances Performance in Low-Light Conditions
JERUSALEM and TEL
AVIV, Israel, June 22,
2022 /PRNewswire/ -- Visionary.ai, a developer
of software-based image signal processor (ISP) technology, and
Innoviz (NASDAQ: INVZ), a leading provider of
high-performance, automotive-grade LiDAR sensors and perception
software, today announced a new partnership to combine
Visionary.ai's imaging technology with Innoviz's LiDAR sensors and
perception software. Combined, the two technologies aim to improve
3D machine vision performance for a wide range of applications
including robotics, smart cities, and drones.
Visionary.ai's True Night Vision technology leverages Artificial
Intelligence (AI) to dramatically enhance image quality for machine
vision, especially in challenging and low-light conditions. Whereas
most cameras use a hardware ISP (image signal processor),
Visionary.ai's revolutionary approach uses a software ISP to
capture cutting-edge image quality, in real
time.
Utilizing Innoviz's high-resolution LiDAR, the partnership will
add 3D image processing to Visionary.ai's significantly advanced 2D
ISP capabilities to develop and enhance a comprehensive 3D image of
a scene.
Harnessing the two companies' powerful technologies will deliver
highly accurate 3D imaging, especially during challenging imaging
conditions such as: extreme low light, High Dynamic Range (HDR),
heavy rain or fog, high motion, and sudden changes in intensity,
such as flashing headlights.
This collaboration comes at a time of rapid market growth for
Innoviz. One of the largest global vehicle manufacturers recently
selected Innoviz to become its direct LiDAR supplier across
multiple brands, increasing Innoviz's forward-looking order book by
$4 billion to $6.6 billion USD.
Commenting on the partnership, Visionary.ai CEO Oren Debbi said, "Machine vision is easy to
achieve in situations of good lighting, but 90% of machine vision
failures occur in situations of difficult visibility, specifically,
low light and HDR. By improving accuracy in difficult imaging
circumstances, we're able to offer game-changing technology, that
together with Innoviz's LiDAR technology can improve machine vision
applications across many applications."
"Visionary.ai's software-based ISP enables cameras to achieve
cutting-edge image quality in difficult conditions. Together
with Innoviz's LiDAR and Perception Software, we can improve
detection performance even further," said Omer Keilaf, CEO and
Co-Founder at Innoviz. "We are pleased to join forces to offer an
advanced machine vision solution to many applications that need it
for safety."
About Visionary.ai
Visionary.ai empowers cameras to achieve the next generation of
image quality. Their software-based ISP (Image Signal Processor)
leverages AI on the Edge to achieve market-leading performance for
a wide range of imaging tasks. Their technology has applications
across several industries, including consumer electronics, drones,
robotics, mobility, and medical imaging. For more information,
visit www.visionary.ai.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards
a future with safe autonomous vehicles on the world's roads.
Innoviz's LiDAR and perception software "see" better than a human
driver and reduce the possibility of error, meeting the automotive
industry's strictest expectations for performance and safety.
Operating across the U.S., Europe,
and Asia, Innoviz has been
selected by internationally-recognized premium car brands for use
in consumer vehicles as well as by other commercial and industrial
leaders for a wide range of use cases. For more information, visit
innoviz-tech.com.
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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, Innoviz's forward-looking order
book, 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. "Forward-looking
order book" is the cumulative projected future sales of hardware
and perception software based on current estimates of volumes and
pricing relating to a project. Many factors could cause
actual future events, and, in the case of our forward-looking order
book, actual orders, 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 convert design wins into definitive
orders and the magnitude of such orders, 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 March 30, 2022
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 Visionary.ai