TEL AVIV, Israel and the CITY OF SEONGNAM, South Korea, July 12, 2022 /PRNewswire/ — Innoviz Technologies Ltd. (NASDAQ: INVZ) (the “Company” or “Innoviz”), a leading provider of automotive-grade, high-performance LiDAR sensors and perception software, and Joowon Industrial, a world-class distributor and supplier of test equipment, today announced their cooperation to boost sales of Innoviz’s LiDAR in the Korean market.
Power line inspection and analysis is currently a very critical and highly manual process for most utilities, requiring a large number of inspectors to physically inspect the utility’s service area and the condition of the lines. Inspectors were looking for things like worn components, hot spots that could indicate problems, and potential vegetation interference. This is a very expensive and time-consuming process that must be done regularly to ensure that the power grid remains reliable.
Joowon Industrial’s TADS (Thermography Auto Analysis Diagnosis System) is an automated power distribution line inspection and analysis system. According to Joowon, TADS saves power companies around 80% on the inspection and management of overhead power lines. The next generation of Joowon’s TADS system will use Innoviz’s LiDAR to quickly and accurately build a 3D model of power lines and surrounding vegetation, which will further reduce costs and improve inspection quality. power lines.
Joowon will serve as a distributor for Innoviz Technologies to accelerate the adoption of the company’s LiDAR solutions for a wide range of applications across industries, from industrial machinery to heavy equipment in the Korean market and beyond.
Innoviz Co-founder and CEO, Omer Keilaf, expressed his excitement about forming the new partnership with Joowon Industrial: “The Korean market is very important for Innoviz, and I am especially happy that we are starting our cooperation with an important LiDAR application that is important for the whole industry. “Korean electric power market and highly relevant globally. We are delighted to partner with Joowon and have confidence in their ability to establish a strong presence for Innoviz in the Korean market. We look forward to a fruitful collaboration with them.” .
Mr. Lee Un Myung, President of Joowon Industrialadded: “We chose Innoviz LiDAR for our projects because they are a market leader in the LiDAR category, with several winning designs with several leading automotive OEMs already under their belt. We are impressed with the performance and resolution extremely high levels of Innoviz LiDAR, and its ability to clearly detect and record details in every scene that other LiDARs simply cannot detect, such as utility poles and power lines, for automatic line inspection. overhead electrical distribution We also look forward to a long and successful relationship with Innoviz.
About Joowon Industrial
Joowon Industrial Co., Ltd. is a distributor (agent) providing world-class test equipment to customers in various fields in Korea. In particular, we focus on the business of selling products to customers in the global environment, automation, security and energy industries to improve the quality of life in the 21st century.
In partnership with KEPCO (Korea Electrical Power Corporation), Joowon is a leading manufacturer and developer of advanced equipment of thermal imaging solutions for customer facility inspection in South Korea and several countries around.
Joowon is committed to technology development and innovation to provide the best quality products and future-oriented solutions to our customers.
For more information, visit www.joowon.co.kr
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 “sees” better than a human driver and reduces the risk of error, meeting the automotive industry’s highest expectations for performance and safety. Operating across the United States, Europeand Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
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This announcement contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technology capability of Innoviz’s products, the markets in which Innoviz operates, the forward-looking backlog of ‘Innoviz and projected future outcomes. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity “, “plan,” “may,” “should,” “will,” “would,” “will,” “continue,” “likely result,” and similar expressions. Forward-looking statements are predictions, projections and “other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this announcement, including, but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design gains into final orders, and the magnitude of these commands, the capacity 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 place undue reliance on forward-looking statements, and Innoviz undertakes no obligation and does not intend to update or revise such forward-looking statements, whether as a result of new information, future events or otherwise. Innoviz does not guarantee that it will meet its expectations.