Innoviz Technologies (Innoviz), an Israel-based developer of LiDAR sensors and perception software, has relieved a strategic realignment plan of its operations from Q1 2024. This includes a reduction of its workforce by approximately 13% (about 60 employees) to lower expenses and enhance its financial longevity. The layoffs predominantly affect its staff in Israel, as well as in Europe and the US.

This is to mainly consolidate expenditures by transitioning the InnovizOne program to series production and focusing on the InnovizTwo sensor and software suite.

This strategic shift aims to enhance competitiveness, improve the financial runway, and steer Innoviz toward profitability and free cash flow generation. The plan is projected to reduce the company's planned cash outlays in 2024 by USD 22 million to USD 24 million annually.