Shares of lidar sensor startup Innoviz rose on Tuesday, its first day buying and selling as a public firm.

The Tel Aviv, Israel-based agency is creating the sensors, which assist self-driving automobiles achieve a 3D view of the highway. The corporate has a partnership with BMW to promote the automaker its first era of sensors, which price round $1,000. Innoviz is engaged on a second-generation sensor which it hopes to promote for lower than $500.

The shares rose 11 % to shut at $10.79 on the Nasdaq inventory market in New York.

Innoviz turned public on Tuesday after completing a merger with publicly listed blank-check agency Collective Progress Corp. that raised $371 million. 4 different lidar companies – Velodyne Lidar Inc., Luminar Applied sciences Inc., Aeva Applied sciences Inc. and Ouster Inc. – have all grow to be public in latest months. Rival AEye Inc. additionally plans to grow to be public by way of a merger with CF Acquisition III Corp.

“What we have to [do] now’s a variety of engineering to compress every little thing” within the Innoviz sensor right into a smaller bundle for automakers, CEO Omer Keilaf informed Reuters on Tuesday.

Lidar sends out laser beams and detects their reflection off faraway objects to find out how far-off they’re, much like how radar techniques use radio or microwave frequencies.