Innoviz Technologies (NASDAQ:INVZ) stock is riding higher Tuesday on news of a deal connected to the Nvidia (NASDAQ:NVDA) DRIVE platform.
Let’s get into all the details from this announcement below!
- Starting off, investors will note that Innoviz Technologies is a developer of solid-state LiDAR sensors and perception software.
- The company notes that its sensors now have support on the Nvidia DRIVE platform.
- DRIVE is an “open, scalable, software-defined, end-to-end AI platform.”
- It allows those in the automotive industry to build on it for their own use.
- According to Innoviz Technologies, its offering allows for “object detection, tracking, and classification, as well as obstacle detection and ongoing calibrations.”
- The company also notes that its LiDAR sensor is integrated into NVIDIA DRIVE Sim.
- This is a “physically accurate simulation platform for development and validation of autonomous vehicles.”
- Innoviz Technologies also mentions that its Point Cloud API is being ported to an ARM64 base and the NVIDIA DRIVE platform.
- It intends to make this available to developers this month.
Oren Rosenzweig, Chief Business Officer and co-founder of Innoviz, said the following about today’s news.
“Our collaboration with NVIDIA allows customer access to Innoviz’s leading LiDAR solutions. Our participation as an ecosystem partner marks another major step in our mission to integrate LiDAR with the most prominent software and driving infrastructure in the world.”
INVZ stock is experiencing heavier-than-normal trading on today’s news. This has some 10 million shares changing hands as of this writing. That’s a major jump over its daily average trading volume of roughly 753,000 shares.
INVZ stock is up 11.4% as of Tuesday afternoon.
We’ve got more stock market coverage worth checking out below!
InvestorPlace offers daily dives into the stock market and today is no different. That includes Luminar Technologies (NASDAQ:LAZR) gaining on a similar Nvidia deal, what thas EVgo (NASDAQ:EVGO) rising, as well as details on Nextdoor (NYSE:KIND) stock after its public debut. You can get up to speed on all of that with the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.