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Rockley Photonics Launches Collaboration to Develop Next Generation of Health Monitoring
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Rockley Photonics (NYSE: RKLY) announced a new research collaboration with Caltech’s Sensing to Intelligence (S2I) Center to develop advanced sensor systems integrated with artificial intelligence. This partnership aims to enhance health monitoring capabilities by merging sensing and computational disciplines. Rockley plans to invest in projects that will advance integrated spectrometer technologies using photonic sensors. The collaboration, building on a strong prior relationship, is expected to leverage existing expertise and explore applications for cloud-based services with platforms like Amazon Web Services.
Positive
New research collaboration with Caltech's S2I Center to develop advanced sensor systems.
Investment aimed at enhancing health monitoring capabilities through AI integration.
Collaboration will leverage Rockley's existing expertise in biomarker sensing.
Focus on exploring new applications for cloud-based services, enhancing future product offerings.
Negative
Dependent on successful customer acceptance and commercial production to drive sales.
Implicit risks related to funding and potential dependence on customer contracts.
Previous history of losses raises concerns about financial stability.
Research supports the development of systems that combine advanced sensors with artificial intelligence to enhance insights into health and well-being
OXFORD, England & PASADENA, Calif.--(BUSINESS WIRE)--
Rockley Photonics (NYSE: RKLY), a global leader in photonics-based health monitoring and communications solutions, today announced a new research collaboration that will focus on the development of next-generation solutions that combine advanced sensors with artificial intelligence. The collaboration includes Caltech’s Sensing to Intelligence (S2I) Center.
The S2I Center seeks to bring together two typically isolated disciplines — the field of sensing and imaging and the field of computation and algorithms — by adopting a holistic, interdisciplinary approach. The goal of bringing these two fields together is to develop more powerful and intelligent sensing systems and is wholly aligned with Rockley’s approach to health and wellness monitoring, which combines photonics-based sensor technologies with state-of-the-art artificial intelligence (AI) and data analytics.
Through its investment in S2I, Rockley plans to support a range of projects, including the development of new integrated spectrometer technologies using advanced photonics sensors. Researchers in the S2I center will explore and further analyze the relationship between spectral data and individual biomarkers to broaden and enhance the health monitoring capabilities and will utilize Rockley’s platform in the process.
Rockley Photonics and Caltech have collaborated previously on research projects including co-packaged optics and the co-design and integration of advanced photonics and electronics. This new agreement deepens an already strong association.
“Over the years, we have had a wonderful relationship with our Pasadena neighbors at Caltech, and it is an honor to continue our research agreement with them through the S2I Center,” said Dr. Andrew Rickman, chief executive officer and founder of Rockley Photonics. “Caltech has a strong history of supporting the development of health-related technologies, including Professor Arnold Beckman’s invention of the DU spectrophotometer, which was hailed as perhaps the most important instrument ever developed toward the advancement of bioscience. This new partnership will combine our experience building Rockley’s unique biomarker sensing platform, which incorporates a spectrophotometer-on-a-chip, with Caltech’s extensive research capabilities. We are happy to be working with Caltech once again to push the boundaries of bioscience even further.”
The scope of the partnership with S2I involves multiple Caltech divisions and departments, including Electrical Engineering, Applied Physics, Medical Engineering, Computing and Mathematical sciences, and NASA’s Jet Propulsion Laboratory (JPL).
“With support from Rockley, we believe we have an opportunity to leverage integrated sensor technologies and machine learning algorithms to create intelligent sensor systems that process and make sense of the data, help avoid information overload for patients and doctors, and do a better job of avoiding false positives,” said Azita Emami, Andrew and Peggy Cherng Professor of Electrical Engineering and Medical Engineering at Caltech and director of the S2I initiative. “We believe that the potential for transforming personal healthcare and well-being is limitless.”
Leveraging Rockley’s and Caltech’s experience developing AI solutions for biosensing and healthcare, the collaboration will also explore new applications for cloud-based services, exploiting the advanced capabilities of platforms such as Amazon Web Services (AWS).
“We’re very excited to be expanding our partnership with Caltech by supporting the S2I Center as an industry partner,” said Aaron Zilkie, chief technology officer of photonics at Rockley Photonics. “The cross-disciplinary research mandate of the S2I Center, which brings together experts from multiple fields across photonics, electronics, biology, and AI in both academia and industry, is highly synergistic with Rockley’s goal of working with top research talent to develop the most advanced smart health monitoring and sensing solutions. Plus, with AWS's support of Caltech’s research related to basic science and AI, we think this research partnership is exactly the kind of collaboration that the field needs.”
About Rockley Photonics
A global leader in photonics-based health monitoring and communications solutions, Rockley Photonics is developing a comprehensive range of photonic integrated circuits and associated modules, sensors, and full-stack solutions. From next-generation sensing platforms specifically designed for mobile health monitoring and machine vision to high-speed, high-volume solutions for data communications, Rockley is laying the foundation for a new generation of applications across multiple industries. Rockley believes that photonics will eventually become as pervasive as micro-electronics, and it has developed a platform with the power and flexibility needed to address both mass markets and a wide variety of vertical applications.
Formed in 2013, Rockley is uniquely positioned to support hyper-scale manufacturing and address a multitude of high-volume markets. Rockley has partnered with numerous Tier-1 customers across a diverse range of industries to deliver the complex optical systems required to bring transformational products to market.
Statements in this press release that are not historical facts constitute “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding Rockley’s future expectations, beliefs, plans, objectives, and assumptions regarding future events or performance. The words “accelerate,” “advance,” “anticipate,” “believe,” “can,” “continue,” “could,” “develop,” “enable,” “estimate,” “eventual,” “expand, “expect,” “focus,” “future,” “goal,” “intend,” “may,” “might,” “opportunity,” “outlook,” “plan,” “possible,” “position,” “potential,” “predict,” “project,” “revolutionize,” “seem,” “should,” “trend,” “vision,” “will,” “would” or other terms that predict or indicate future events, trends, or expectations, and similar expressions or the negative of such expressions may identify forward-looking statements, but the absence of these words or terms does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding the following: (a) the anticipated focus, benefits, scope, and potential of Rockley’s collaboration with Caltech, including with respect to Caltech’s S2I Center, the goals and focus of these efforts and their alignment with Rockley’s approach to health and wellness monitoring, the expected range of projects to be supported by Rockley through its investment in S21, the expected areas of research and analysis, the potential to broaden and enhance the health monitoring capabilities utilizing Rockley’s platform, the expectation that the partnership will combine Rockley’s experience building Rockley’s unique biomarker sensing platform with Caltech’s research capabilities, the opportunity to leverage intelligent sensor technologies and machine learning algorithms to create intelligent sensor systems and the potential benefits thereof, the potential for transforming personal healthcare and wellbeing, the exploration of potential new applications for, and exploiting the capabilities of, cloud-based services; (b) the anticipated and potential features and benefits of Rockley’s platform, products, and technology; (c) its development of a range of photonic integrated circuits and associated modules, sensors, and full-stack solutions; (d) Rockley’s belief that photonics will eventually become as pervasive as micro-electronics; and (e) Rockley’s potential to support hyper-scale manufacturing, address a multitude of high-volume markets, and deliver the complex optical systems required to bring transformational products to market.
Forward-looking statements are subject to several risks and uncertainties (many of which are beyond Rockley’s control) or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: (i) Rockley’s ability to achieve customer acceptance and commercial production of its products and technology, including in a timely and cost-effective manner; (ii) Rockley’s ability to achieve customer design wins and convert memoranda of understanding and development contracts into production contracts; (iii) risks related to purchase orders, including the lack of long-term purchase commitments, the cancellation, reduction, delay, or other changes in customer purchase orders, and if and to the extent customers seek to enter into licensing arrangements in lieu of purchases; (iv) Rockley’s history of losses and need for additional capital and its ability to access additional financing to support its operations and execute on its business plan, as well as the risks associated therewith; (v) legal and regulatory risks; (vi) risks associated with its fabless manufacturing model and dependency on third-party suppliers; (vii) Rockley’s reliance on a few significant customers for a majority of its revenue and its ability to expand and diversify its customer base; (viii) Rockley’s financial performance; (ix) the impacts of COVID-19 on Rockley, its customers and suppliers, its target markets, and the global economy; (x) Rockley’s ability to successfully manage growth and its operations as a public company; (xi) fluctuations in Rockley’s stock price and Rockley’s ability to maintain the listing of its ordinary shares on the NYSE; (xii) Rockley’s ability to anticipate and respond to industry trends and customer requirements; (xiii) changes in the current and future markets in which Rockley is or may be engaged; (xiv) risks related to competition and intellectual property; (xv) market opportunity and demand for Rockley’s products and technology, as well as the customer products into which Rockley’s products and technology are incorporated; (xvi) risks related to international operations; (xvii) risks related to cybersecurity, privacy, and infrastructure; (xviii) risks related to financial and accounting matters; (xix) general economic, financial, political, and business conditions, both domestic and foreign; (xx) Rockley’s ability to realize the anticipated benefits of its completed business combination with SC Health Corporation; and (xxi) Rockley’s ability to realize the anticipated benefits of strategic partnerships, as well as other factors described under the heading “Risk Factors” in registration statement on Form S-1 filed by Rockley on October 7, 2021 and declared effective on October 19, 2021, Rockley’s quarterly report on Form 10-Q for the quarter ended June 30, 2021, and in other documents Rockley files with the Securities and Exchange Commission in the future.
The forward-looking statements contained in this press release are based on various assumptions, whether or not identified in this press release, and on Rockley’s current expectations, beliefs, and assumptions and are not predictions of actual performance. If any of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, actual results may differ materially from those discussed in or implied by these forward-looking statements. There can be no assurance that future developments affecting Rockley will be those that have been anticipated. These forward-looking statements speak only as of the date hereof and Rockley does not intend to update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.
What is the focus of Rockley Photonics' new collaboration with Caltech?
The collaboration aims to develop advanced sensor systems integrating artificial intelligence with photonics technology for health monitoring.
What projects will Rockley support through its investment in the S2I Center?
Rockley plans to support projects focused on developing integrated spectrometer technologies using advanced photonic sensors.
How does the collaboration with Caltech impact Rockley Photonics' business?
The partnership is expected to enhance Rockley's health monitoring capabilities and explore new applications in cloud-based services, potentially increasing product offerings.
What are the potential risks associated with Rockley Photonics' collaboration?
Risks include reliance on customer acceptance, historical financial losses, and the need for successful commercial contracts to sustain operations.
