Quanergy Announces Industry-first 3D LiDAR Movement-Based False Alarm Reduction Solution

Rhea-AI Summary

Quanergy Systems, Inc. (NYSE: QNGY) announced significant upgrades to its QORTEX DTC and Q-View software solutions, enhancing LiDAR sensor capabilities. The updates feature improved classification accuracy, a motion-based noise reduction mechanism, and an occlusion filter for better tracking. These advancements aim to reduce false alarms and support smart city and security applications, solidifying QORTEX as a best-in-class solution. The release highlights the importance of reliable security solutions in mitigating risks associated with security incidents.

Positive

• Introduced motion-based noise reduction to minimize false alarms.
• Launched occlusion filtering for continuous tracking of objects.
• Enhanced user management and security features in software.

Negative

• None.

New QORTEX DTC 3D Perception Release Provides Improved Classification Accuracy and Further Reduces Critical Infrastructures’ Physical Security Costs

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Quanergy Systems, Inc., (NYSE:QNGY) a leading provider of LiDAR sensors and smart 3D solutions, today announced upgrades to its QORTEX DTC™ and Q-View software solutions, which underpin the company’s Flow Management portfolio, including its MQ-8 series of LiDAR sensors. The marquee features in these new releases include significantly improved accuracy and drastic reduction in false alarm, thanks to the industry's first motion-based noise reduction mechanism and first occlusion filter/object stitching mechanism.

Quanergy Announces Industry-first 3D LiDAR Movement-Based False Alarm Reduction Solution (Graphic: Business Wire)

The updates also offer improved security and flexibility, further solidifying Quanergy’s Flow Management solution as the best-in-class end-to-end LiDAR-based solution for security, smart space and smart city applications.

A security incident can cause an immediate hassle, but its impact also often has a ripple effect with companies having to navigate everything from business disruption to impact to brand reputation and even potential legal ramifications.

QORTEX is Quanergy’s LiDAR-based software solution that provides 3D perception and volumetric sensing to enable detection, tracking and classification of 3D vehicles and human-sized objects in real-time. Updates in QORTEX 2.3 include:

• The industry’s first motion-based noise reduction mechanism, called the movement threshold filter, which easily filters out noisy elements, such as bushes and foliage. This drastically reduces the amount of false alarms, turning those alarms from a roadblock to a security enabler
• The industry’s first occlusion filter, which relies on smart object stitching to ensure that even if a person being tracked goes behind a wall or another occlusion, the system doesn’t recognize them as a new individual when they reappear and will continue tracking them where it left off
• Anti-masking capability to detect and alert when an intruder has attempted to thwart the sensor by blocking or masking it with paper, tape, or spray paint
• Enhanced user and password management for increased ability to set permissions and tiers of access in addition to easily accessible logs for auditing purposes
• A counter line feature that builds onto existing occupancy detection capabilities to help keep track of how many people have gone into and out of an entrance or exit area
• Zone object count by classification type – if several objects enter a zone, QORTEX can now make a distinction between vehicles and human-sized objects in terms of counting
• Support for Ubuntu 20.04 and IPv6 addressing to offer more flexibility to users

Additionally, Q-View, a software-based configuration toolkit for Quanergy’s LiDAR-based sensors, has been updated in alignment with the upgrades made to QORTEX. Q-View provides robust information about a sensor network and its performance, along with intuitive tools to calibrate and align the sensors.

Sonny Sekhon, senior product manager, flow management, Quanergy Systems, Inc., said: “Cameras can’t address all of the use cases our customers are grappling with when it comes to flow management, intrusion detection, privacy and other aspects of physical security. We continue to innovate and improve upon our Q-View and QORTEX software for enhanced flexibility, security and incremental functionality – providing solutions and leapfrogging that supplements users’ existing investments and takes their systems to the next level.”

For more information, visit www.quanergy.com.

About Quanergy Systems, Inc.

Quanergy’s (NYSE: QNGY) mission is to create powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy solutions are deployed by nearly 400 customers across the globe. For more information, please visit us at www.quanergy.com.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “project,” “will likely result” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements, including statements regarding the execution and impact of the reverse stock split on the trading price of Quanergy’s Common Stock and Quanergy’s ability to regain compliance with the NYSE listing requirements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside Quanergy’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Quanergy’s history of operating losses; Quanergy’s ability to obtain additional capital to meet its financial obligations and support planned business growth; Quanergy’s ability to evaluate its business and prospects; the risk that markets for LiDAR products, including autonomous driving, security & smart spaces, robotics, industrial and other commercial applications, develop more slowly than Quanergy expects, or long- term end-customer adoption rates and demand are slower than Quanergy expects; the risk that Quanergy’s product integration could face complications or unpredictable difficulties, which may adversely impact customer adoption of its products; the competitive environment in which Quanergy operates; the ability of Quanergy’s Optical Phased Array (“OPA”) based product to meet industry requirements for range, resolution or general performance; developments in alternative non-LiDAR technologies may adversely affect the demand for LiDAR sensors; Quanergy’s ability to effectively grow its global sales and marketing organization, or maintain or grow an effective network of distributors, value-added resellers, and integrators; Quanergy’s business initiatives may prove more costly than its currently anticipates; Quanergy’s limited manufacturing capacity and dependence primarily on a small number of contract manufacturers and manufacturing partners; Quanergy’s reliance on sole source suppliers; the risk that Quanergy may incur significant direct or indirect liabilities in connection with its product warranties; Quanergy’s ability to maintain the listing of Quanergy’s its securities on the New York Stock Exchange; Quanergy has been and may continue to be subject to litigation regarding intellectual property rights that could be costly, including claims that it is infringing third-party intellectual property; Quanergy’s ability to remain in compliance with numerous laws and governmental regulations across various jurisdictions concerning the manufacturing, use, distribution and sale of its products; global supply chain frictions, the COVID-19 pandemic, Russia’s aggression in Ukraine and other macroeconomic factors may adversely affect Quanergy’s ability to source components in a timely or cost-effective manner from our third-party suppliers due to, among other things, work stoppages or interruptions; and other risks and uncertainties indicated in Quanergy’s filings with the U.S. Securities and Exchange Commission. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts of future events and views only as of the date of this press release. Quanergy anticipates that subsequent events and developments will cause its assessments to change. However, while Quanergy may elect to update these forward-looking statements at some point in the future, Quanergy specifically disclaims any obligation to do so, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005668/en/

Media Contact

Shannon Van Every

media@quanergy.com

Investors:

QuanergyIR@ICRinc.com

Source: Quanergy Systems, Inc.

FAQ

What are the new features in QORTEX DTC 3D Perception by Quanergy?

The new features in QORTEX DTC include motion-based noise reduction, an occlusion filter, anti-masking capabilities, enhanced user management, and improved object classification.

How does the QORTEX update impact physical security costs?

The update is designed to reduce false alarms and improve classification accuracy, potentially lowering physical security costs for critical infrastructures.

What is the significance of the latest QORTEX DTC update for shareholders of QNGY?

The updates enhance Quanergy's competitiveness and market positioning, which could positively influence investor sentiment and stock performance.

When was the new QORTEX DTC release announced?

The new QORTEX DTC release was announced on November 1, 2022.

What applications can benefit from the upgraded QORTEX DTC software?

The upgraded QORTEX DTC software is suitable for security, smart spaces, and smart city applications, offering advanced LiDAR solutions.