Innoviz Technologies Ltd.

Good morning and welcome to Innovee's third quarter 2021 earnings conference call. Joining us today are Omar K. Laaf, Innovee's Chief Executive Officer, and Eldar Segla, Innovee's Chief Financial Officer. Following the formal remarks, we will open the call for your questions. I would like to remind everyone that this call is being recorded and will be available Before we begin, we would like to remind you that our discussions today will include forward-looking statements that are subject to risks and uncertainties relating to future events and the future financial performance of Innoviz. Actual results could differ materially from those anticipated in the forward-looking statements. Forward-looking statements made today speak only to our expectations as of today and we undertake no obligation to publicly update or revise them. For a discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements, please see the Risk Factors section of our Form 20F filed with the SEC on April 21, 2021. I will now turn the call over to Omer. Please go ahead.

Hey, good morning everyone. Good to see you. Let's start the show. Hi, everyone, and good morning. I'm Omer Kelaf, CEO and co-founder of Innovis Technologies, and with me, Eldar Segla, our CFO. Very happy to be in New York and meeting with investors and talking with analysts and being able to bring our car, the Grizzly, which we call, with our Innovis One LiDAR to show and demonstrate the great performance. Happy to be here today. Before I move on to our quarterly updates, today we have a very special guest with us. I'm very happy and honored to have Mr. Richard Rau, who is the VP of Automated Driving of BMW. He's joining us now today from Germany, Munich, He's here to talk about the program, the process. We are very fortunate for BMW being selected Innovis Technologies through Magna, our T1 partner. And I'm very excited to see you here, Richard. We've been working together for the last three or maybe four years right now. Thank you very much for accepting my invite to be here today.

Thank you, Omar. Thank you for inviting me. I'm glad to support you in this important call for Innovis. I would like to give you all in a few minutes a little bit a little perspective on our joint project we have with innovates and magna before I dive into this, however, I need to give a little disclaimer. Because we do have very strict policies at BMW that restrict me in terms of what I can say about ongoing projects within BMW so please. I understand that I will not talk about specific launch dates or specific features or functionalities, nor will I be commenting on the programs of other OEMs or on other laser scanner programs. With having this set, maybe I give you a little background on where we stand at BMW with autonomous driving. Many things which I'm going to say are public knowledge, but maybe in this summary not fully present to you. First of all, we have announced this quite a few times that we do work on a full level three customer system. So true autonomous driving that will launch as soon as the necessary regulations are in place. And as soon as it meets all the high safety standards at BMWs for the safety of our customers. We have also, I think, talked quite a bit in public about on conference and the like that for us, a LiDAR or a laser scanner is an absolute necessary component in the overall sensor setup for a true level three system. And that we are pretty firm about, have been for the last few years, and that has not changed. You cannot build from a BMW perspective a true level three system without LiDAR systems or without at least one LiDAR in the system. For this end, we have nominated Magna and Inovits already some time back to develop for us for our autonomous stack. a LIDAR for really an end user customer application so that it meets all autonomous requirements and all the performance requirements we have for the system. That one was announced, I think, within the internet early 2018. And this project is ongoing. And if I move on now a little bit to technological aspects of this project, designing a lidar as an integral part of an autonomous system is a very challenging task because you have to take many, many design decisions and optimizations. This whole process cannot really be reduced to single parameters as the question, what is the right wavelength of the laser I use? What is the right type of mirror and the like? There are many, many things you have to take into consideration. For this end, we do have quite a sizable team at BMW that is doing nothing else than working on a daily basis with a highly competent team at Innovitz and in Magna to exactly designing the system, to finding the best trade-offs, the best design decision that we have an overall system that do meet or that doesn't meet all the level three requirements we do have. Especially on the technical side, things like... You know, is it 1550 nanometer laser or 905 nanometer laser the better option, the decisions you need to take and in specifically the specific IP InnoVits brings to the table clearly tilts from my perspective, the overall optimization towards the 905 with the specifics that InnoVits can provide. Overall, I can say that this project that we have is right on track with respect to all important parameters, with respect to the design of the system, with respect to validation, and also with respect to the industrialization, which is also an overall very challenging task because LIDARs are highly complex systems. And overall, the project is on track that BMW will be able to deliver with my introduction statements I have just made. And it is a real pleasure to work with the team at Innovitz because they are great in terms of their competence. They're extremely skilled. They have IP that makes a significant difference for us. And that overall, we are there on a very good track. So I hope this helps to give you a little bit of perspective on our work together with Innovitz. And with this, I would pass it back to Oma.