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Iteris Selected by University of Michigan Transportation Research Institute for Smart Mobility and Safety Initiative
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Iteris, selected by the University of Michigan’s Transportation Research Institute, will participate in a $20 million U.S. Department of Transportation-funded project focused on enhancing connected vehicle safety. Over three years, Iteris will deploy its Vantage Fusion technology at more than 20 intersections in Ann Arbor, Michigan. This initiative aims to demonstrate significant safety benefits via vehicle-to-everything (V2X) systems, involving partnerships with industry leaders such as Ford, Toyota, and Qualcomm.
Positive
Selected for a $20 million project indicating strong industry demand for Iteris' technology.
Deployment of Vantage Fusion technology at over 20 intersections may enhance revenue opportunities.
Collaboration with prominent partners like Ford and Toyota strengthens Iteris' market position.
Negative
None.
U.S. Department of Transportation-Funded Research Program Seeks to Demonstrate Safety Potential of Connected and Automated Vehicles
Three-year, $20 million project seeks to demonstrate significant safety benefits of vehicle-to-everything (V2X)-enabled detection systems.
Iteris will deploy its Vantage Fusion technology, which was jointly developed by Iteris and Continental, at more than 20 intersections to among other benefits enable connected vehicles to communicate their location and the information they sense with the rest of the connected environment.
Key partners in this complex, large-scale pilot include Continental, Ford, Toyota, Qualcomm, the City of Ann Arbor and Purdue University.
SANTA ANA, Calif.--(BUSINESS WIRE)--
Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced its selection by the University of Michigan’s Transportation Research Institute (UMTRI) for a smart mobility and safety initiative, representing growing demand for Iteris’ smart mobility infrastructure management technologies from public transportation agencies, research institutes and automotive OEMs.
Iteris Selected by University of Michigan Transportation Research Institute for Smart Mobility and Safety Initiative (Graphic: Business Wire)
The three-year, $20 million project sees Iteris join public and private partners including Continental, Ford, Toyota, Qualcomm, the City of Ann Arbor and Purdue University. Half of the program funding is provided by the U.S. Department of Transportation’s Federal Highway Administration’s Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) program, with the remainder provided by the participants as a shared funding program, ATCMTD funds model programs that lead to the “installation and operation of advanced transportation technologies to improve safety, efficiency, system performance and infrastructure return on investment.”
Under the terms of the agreement, Iteris will equip more than 20 signalized intersections in Ann Arbor, Michigan with its industry-leading vehicle-to-everything (V2X)-enabled detection technology as part of UMTRI’s connected vehicle and smart intersections program.
“One of the most promising aspects of this project is that we will be able to pave the way for a national connected and automated vehicle deployment,” said Henry Liu, research professor at UMTRI, and director at the Center for Connected and Automated Transportation (CCAT) and Mcity. “With innovative smart mobility infrastructure management technology partners like Iteris, we will definitively demonstrate not only the technology but a clear path to funding the infrastructure – both aspects needed for a national deployment. Furthermore, the Smart Intersections Project will provide significant day one benefits to early adopters, including saving pedestrian lives.”
As part of the connected vehicle safety program, Iteris and Continental will be deploying their Vantage Fusion™ hybrid video and radar traffic detection technology at key signalized intersections. Vantage Fusion enables real-world V2X applications and advanced intersection visualization for safer, smarter and more sustainable roadways. A pilot has already been deployed at the University of Michigan’s Mcity as the first step in this process.
Vantage Fusion uses information generated by infrastructure sensors to enable cooperative perception capabilities. In addition to sharing a connected vehicle’s location with other V2X-enabled devices, cooperative perception messaging could enable that vehicle to also share what it senses – a pedestrian or car, for example – with the rest of its connected environment.
Vantage Fusion is the first solution from Iteris and Continental’s recently announced, future-oriented traffic infrastructure collaboration to leverage automotive sensors, and infrastructure-to-vehicle (I2V) connectivity to make city transportation systems across North America safer, more efficient and more sustainable, while supporting local and regional transportation agencies’ efforts to achieve their Vision Zero goals, and preparing cities and automotive OEMs for advancements in connected and automated vehicle (CAV) technologies.
“We are thrilled to play a continued role in the University of Michigan’s connected vehicle testing program, which will be critical in demonstrating the significant safety benefits of V2X-enabled detection systems,” said Todd Kreter, senior vice president and general manager, Advanced Sensor Technologies at Iteris. “With the deployment of our Vantage Fusion detection technology, the first solution from our partnership with Continental, we are proud to pave the way for national adoption of connected and automated vehicle technologies, and make mobility safe, efficient and sustainable for all road users.”
Vantage Fusion is a key component of Iteris’ ClearMobility™ Platform, the most complete solution for continuously monitoring, visualizing and optimizing mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. The ClearMobility Platform applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility.
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the impacts and benefits of being selected for the project and statements about the capabilities and benefits of Vantage Fusion and other Iteris solutions. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to provide services and products in a cost-efficient manner; government funding and budgetary issues and potential related scheduling and funding delays; adverse impacts related to performance timing and cancellation of an awarded contract; our ability to introduce, market and gain broad acceptance of our new and existing product and service offerings in the transportation industry; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
