Innoviz Technologies (NASDAQ: INVZ) and Switzerland-based autonomous delivery company LOXO have signed a letter of intent for the integration of Innoviz's InnovizTwo Long-Range LiDAR into LOXO's L4 autonomous driving platform called Digital Driver.

The companies are currently conducting testing and evaluation of the InnovizTwo Long-Range LiDAR system. Subject to successful completion of this evaluation process, LOXO intends to nominate Innoviz as its LiDAR supplier for the autonomous vehicle platform.

LOXO's Digital Driver technology powers autonomous delivery vehicles, including purpose-built and retrofitted electric vehicles designed for urban and regional logistics across Europe. The company operates in transport, retail, and postal delivery applications.

"After a thorough evaluation of what the market has to offer, InnovizTwo Long-Range stood apart," said Amin Amini, Co-Founder and CEO of LOXO. "The point cloud quality Innoviz delivers at longer distances is in a class of its own and has been validated by some of the world's most demanding automotive manufacturers."

Omer Keilaf, Founder and CEO of Innoviz Technologies, stated: "Having the opportunity to work with LOXO as their long-term LiDAR partner is a testament to what our team has built, not just a sensor that outperforms on the road but a business that OEMs and commercial operators alike can depend on for the long haul."

The announcement was made according to a press release statement. LOXO evaluated multiple LiDAR providers before selecting Innoviz's technology based on performance, reliability, and supply continuity requirements for its next-generation autonomous delivery platform.

Innoviz Technologies provides LiDAR technology as a Tier 1 supplier to automotive manufacturers and operates across the United States, Europe, and Asia.