SoftBank-backed Innoviz to go public in SPAC deal with $1.4b valuation

High performance, Solid State LiDAR at Mass Market Price to enable fully autonomous vehicles (PRNewsfoto/Innoviz Technologies Ltd)

Innoviz Technologies, which makes sensors for self-driving vehicles and is backed by SoftBank, said on Friday it will go public through a reverse merger with blank-check company Collective Growth Corp in a deal valuing the startup at about $1.4 billion.

The deal will provide Innoviz with $350 million in gross proceeds – $150 million from Collective Growth and $200 million from private investors including another backer, auto supplier Magna International, as well as Antara Capital and Phoenix Insurance.

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