Lidar Startup Innoviz to Go Public in $1.4 Billion SPAC Deal
- Startup supplies laser sensors for BMW’s iX model due in 2021
- Innoviz is fourth lidar company in 2020 to go public via SPAC
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Innoviz Technologies Ltd., an Israeli lidar startup backed by two of the world’s largest automotive suppliers, is going public in a $1.4 billion reverse merger with Collective Growth Corp.
The SPAC provided $150 million in cash and raised $200 million from investors in the deal that gives the combined company a $1.4 billion equity value. They expect the transaction to close in the first quarter of next year.