Visionary.ai and Innoviz Partner to Improve the Power and Accuracy of Machine Vision

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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