developing· Economy· Updated
Israeli AutoTech Firm Innoviz Cuts 25% of Workforce Amid Strategic Shift
The Israeli auto-tech company Innoviz Technologies is laying off approximately 25 percent of its workforce, affecting over 90 employees. The Rosh Ha'ayin-based firm, which is publicly traded on NASDAQ, is implementing its third round of job cuts in three years, following staff reductions of 13 percent in 2024 and 9 percent in early 2025.
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What happened
- 01Innoviz Technologies is laying off about 25 percent of its workforce, affecting more than 90 employees primarily in Israel.
- 02This is the third round of layoffs for the Rosh Ha'ayin-based company, following cuts of 13 percent in 2024 and 9 percent in 2025.
- 03The company's market valuation has fallen from 1.4 billion dollars at its 2021 IPO to approximately 66 million dollars.
- 04Innoviz is shifting its strategic focus from automotive LiDAR sensors to defense applications, specifically counter-drone systems.
- 05Former Rafael CEO Yoav Har-Even has joined the Innoviz board of directors to assist with the entry into the defense market.
- 06According to TheMarker, the layoffs are driven by delays in the adoption of autonomous driving technology by car manufacturers.
According to TheMarker, the company attributed the layoffs to delays by car manufacturers in adopting autonomous driving technologies, which has slowed down the finalization of industry tenders. Innoviz originally developed LiDAR sensor technology for the automotive industry and autonomous driving projects, and previously partnered with Mobileye after the latter ceased its own LiDAR development.
Amid these challenges, Innoviz is executing a strategic shift toward the defense sector, specifically focusing on counter-drone technology. The company is adapting its road-focused LiDAR technology to detect, identify, and track aerial threats. To support this transition, Innoviz recently appointed Yoav Har-Even, the former CEO of Rafael, to its board of directors. The company's market value has declined from 1.4 billion dollars at its 2021 initial public offering to approximately 66 million dollars.
Summarized by baba from the reports of 3 newsrooms. Updated
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