Neonode Awarded by Leading Commercial Vehicle OEM to Supply MultiSensing® Driver Monitoring System Software

Rhea-AI Summary

Neonode Inc. (NASDAQ: NEON) has been awarded a contract by a leading commercial vehicle OEM to supply Driver Monitoring System (DMS) software, generating licensing revenues from 2025 and non-recurring engineering revenues. The company aims to establish itself as a leader in the multi-billion dollar DMS market, driven by legislation and initiatives to improve traffic safety.

Positive

• Awarded contract with a leading commercial vehicle OEM
• Expected licensing revenues from 2025
• Aims to establish as a leader in the DMS market

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• None.

STOCKHOLM, Dec. 6, 2023 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) has been awarded by a leading commercial vehicle OEM to supply Driver Monitoring System (DMS) software to the OEM's global range of commercial vehicles. Neonode will provide a bespoke solution based on its proprietary MultiSensing platform. Neonode will receive licensing revenues from 2025 when the first vehicles equipped with Neonode's solution reach the market. The program will also generate non-recurring engineering revenues for Neonode during the coming years.

"We are honored and proud to have been selected as a partner to this commercial vehicle OEM and look forward to cooperating with them in developing and launching safety-enhancing and value-adding driver and in-cabin monitoring systems for many years to come. This is a breakthrough win for Neonode and our MultiSensing technology for commercial vehicle applications, where reliability and quality standards are of utmost importance. We will build on this to expand our driver and in-cabin monitoring business in both the commercial vehicle segment and in the light vehicle and passenger car segment in the coming years," said Urban Forssell, CEO Neonode. 

The global DMS market is already a multi-billion dollar market and is expected to grow significantly the next ten years driven by legislation and other initiatives to improve traffic safety. The DMS software market alone is expected to become a multi-hundred million dollar per year market and Neonode's aim is to win a significant portion of this and establish itself as a leader in this segment.

Neonode's MultiSensing platform supports controlled and efficient development of value-adding driver and in-cabin monitoring features that can be seamlessly deployed in new vehicles as well as in vehicles already in use. This advanced and scalable platform utilizes the power of machine learning and takes a holistic approach to the driver and in-cabin monitoring task and uses a large number of different sensor inputs and data when assessing the situation inside the vehicle, which makes Neonode's solution uniquely flexible with superior performance and robustness. 

For more information, please contact:

CONTACT:

Chief Executive Officer
Urban Forssell
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59

Director Marketing
Alana Gordon
E-mail: alana.gordon@neonode.com
Phone: +46 73 682 60 10

 

View original content:https://www.prnewswire.com/news-releases/neonode-awarded-by-leading-commercial-vehicle-oem-to-supply-multisensing-driver-monitoring-system-software-302007700.html

SOURCE Neonode

FAQ

What contract has Neonode Inc. (NEON) been awarded?

Neonode Inc. has been awarded a contract to supply Driver Monitoring System (DMS) software by a leading commercial vehicle OEM.

When will Neonode Inc. start generating licensing revenues from the awarded contract?

Neonode Inc. will start generating licensing revenues from the awarded contract in 2025.

What is Neonode Inc.'s aim in the DMS market?

Neonode Inc. aims to establish itself as a leader in the DMS market, which is expected to grow significantly due to legislation and initiatives to improve traffic safety.