MicroVision to Showcase its MAVIN DR Automotive Lidar at CES(R) 2023 in Las Vegas
MicroVision (NASDAQ: MVIS) announced it will showcase its MAVIN DR dynamic view lidar system at CES 2023 from January 5-8 in Las Vegas. The technology aims to enhance ADAS functionalities, allowing vehicles to make rapid decisions at speeds up to 130 km/h (80 mph). Recent milestones include compliance achievements and an agreement to acquire Ibeo Automotive Systems GmbH for up to 15 million euros, combining technologies to expand its product offerings. Interactive demonstrations will take place at Booth #10271.
- Showcasing MAVIN technology at CES 2023 enhances visibility and potential market interest.
- Acquisition of Ibeo Automotive Systems is expected to expand product offerings and revenue streams.
- Risks associated with the acquisition include market acceptance and integration challenges.
- Concerns regarding operational cash limitations and reliance on third-party performance.
Visit Booth #10271 - North Hall for Interactive Demonstrations of MicroVision's Advanced Lidar in Test Vehicle
REDMOND, WA / ACCESSWIRE / December 14, 2022 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and advanced driver-assistance systems (ADAS) solutions, today announced that the Company will showcase its MAVIN™ DR dynamic view lidar system and display a high-resolution point cloud at Booth #10271 in the North Hall of the Las Vegas Convention Center and in private scheduled meetings throughout CES® 2023 from January 5-8 in Las Vegas. There will also be presentations and demonstrations of MicroVision technology at the booth throughout the event.
"It's an exciting time for MicroVision as we reach important milestones like the 2022 launch of MAVIN, achievement of Class 1 laser safety compliance, the sale of samples to Tier 1 suppliers and OEMs, engaged in important OEM meetings, and the recently announced intention to acquire Ibeo Automotive Systems GmbH," said MicroVision CEO, Sumit Sharma. "I encourage everyone attending CES to come by our booth to learn more about these recent milestones and to see how our technology is ready to enable ADAS features at highway speeds today."
High Speed ADAS
MAVIN DR combines short-, medium- and long-range sensing and fields of view into one form factor. Dynamic range is key to enabling ADAS features at highway speeds. At speeds of up to 130 km/h (80 mph), ADAS systems need more time to make decisions and react in order to take proactive action and hence need resolution at range. MicroVision's sensor produces an ultra-high-resolution point cloud showing drivable and non-drivable areas of the road ahead. With its low latency point cloud (30 hertz), the MAVIN product line allows ADAS systems to respond more quickly, make split-second decisions and take action at high speeds.
Ibeo Acquisition News
MicroVision announced last week that it had signed an agreement to acquire certain assets from Hamburg, Germany-based, Ibeo Automotive Systems GmbH, for up to 15 million euros. The acquisition combines MAVIN lidar with Ibeo perception software features into the MicroVision ASIC for automotive OEMs. In addition, this acquisition expands MicroVision's multi-market strategy focusing on industrial, smart infrastructure, robotics, and commercial vehicle segments with Ibeo's flash-based sensor. The combined company is expected to have revenue streams from existing and new product lines ranging from software, Ibeo's flash-based lidar and MicroVision's scanning lidar sensor, as well as other combinations of hardware with perception software solutions.
Interactive Demonstrations
MicroVision will showcase its technology every half hour in interactive demonstrations within the booth.
CES Private Meeting Scheduling Assistance
To schedule an appointment at CES with MicroVision or learn more about MicroVision's exciting technology, customers and the investment community should contact Jeff Christensen at MVIS@darrowir.com, and media should contact Heidi Davidson at MicroVision@galvanizeworldwide.com to schedule a meeting at CES with MicroVision management.
About MicroVision
MicroVision is a pioneering company in MEMS-based laser beam scanning technology that integrates MEMS, lasers, optics, hardware, algorithms and machine learning software into its proprietary technology to address existing and emerging markets. The Company's integrated approach uses its proprietary technology today to develop automotive lidar sensors and provide solutions for advanced driver-assistance systems (ADAS), leveraging its experience building augmented reality micro-display engines, interactive display modules, and consumer lidar modules.
For more information, visit the Company's website at www.microvision.com, on Facebook at www.facebook.com/microvisioninc, and LinkedIn at https://www.linkedin.com/company/microvision/.
MicroVision is a trademark of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including anticipated benefits of the Company's asset acquisition, such as accelerated strategy, expanded customer base, and larger product offering are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include the risk its ability to operate with limited cash or to raise additional capital when needed; market acceptance of its technologies and products or for products incorporating its technologies; the failure of its commercial partners to perform as expected under its agreements, including from the impact of COVID-19 (coronavirus); its financial and technical resources relative to those of its competitors; its ability to keep up with rapid technological change; government regulation of its technologies; its ability to enforce its intellectual property rights and protect its proprietary technologies; the ability to obtain customers and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market its products; potential product liability claims; its ability to maintain its listing on The Nasdaq Stock Market, and other risk factors identified from time to time in the Company's SEC reports, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect the Company. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect the Company to a greater extent than indicated. Except as expressly required by federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.
Investor Relations Contact
Jeff Christensen and Matt Kreps
Darrow Associates Investor Relations
MVIS@darrowir.com
Media Contact
Heidi Davidson
Galvanize Worldwide for MicroVision
(914) 441-6862
MicroVision@galvanizeworldwide.com
SOURCE: MicroVision, Inc.
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