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SaverOne 2014 Ltd. (NASDAQ: SVRE, TASE: SVRE) is a leading technology company committed to enhancing transportation safety through its advanced driver-assistance systems (ADAS). Founded in 2014, SaverOne specializes in developing and deploying solutions aimed at preventing distracted driving, one of the major causes of road accidents globally.
The company's core product, the SaverOne system, restricts the driver's access to distracting mobile applications while allowing essential functionalities like navigation and calls. This sophisticated yet user-friendly system is designed to minimize in-route distractions, providing a safer driving environment for drivers, passengers, and pedestrians alike.
SaverOne has made significant strides in recent years, driven by an ambitious agenda and strategic partnerships. In 2023, the company reported a revenue increase to NIS 2.7 million, showcasing its strong market momentum. SaverOne has also secured transformative OEM deals, including agreements with major players like IVECO and Volvo Bus Corporation. These collaborations involve the integration of SaverOne's safety technology into commercial vehicles, highlighting the company's growing influence in the transportation sector.
The company's initiatives extend beyond individual partnerships. SaverOne has launched pilot projects and secured multiple contracts across various markets, including public transportation and tour bus fleets in Israel and a pilot program in the United States with Motor Supply, Inc. These endeavors emphasize SaverOne's commitment to expanding its reach and impact globally.
Financially, SaverOne has shown robust growth, with a 128% increase in year-over-year revenues in 2023 and a 107% rise in gross profit. The company is well-capitalized, with approximately $4.7 million in cash as of the end of 2023, providing a solid foundation for its 2024 growth agenda.
SaverOne's technology is not only aimed at current market demands but also positions the company for future growth. The company is developing a sensor system for early detection of vulnerable road users, leveraging cellphone footprints under all visibility conditions, a crucial development for the future of autonomous driving and enhanced vehicle safety.
With a comprehensive portfolio of 23 patents and a strategic focus on key global markets like the U.S., China, and the European Union, SaverOne is poised to lead in the field of driver protection technology. The company's mission to save lives by preventing accidents due to mobile distractions is as relevant today as it was at its inception, making SaverOne a crucial player in the ongoing effort to enhance road safety worldwide.
SaverOne announced the formation of a new company to advance its Vulnerable Road User (VRU) sensor solution leveraging the RF Advanced Driver Assistance System (ADAS) technology. This decision follows a comprehensive analysis by a leading consultancy firm, projecting an annual market potential of $1.5 billion by 2035. The RF-ADAS technology enhances vehicle safety by detecting pedestrians and cyclists in non-line-of-sight scenarios. SaverOne has also secured a paid proof-of-concept order from European OEM IVECO. The company is actively seeking investors and strategic partners to support the new subsidiary's development and commercialization.
SaverOne received a notice from Nasdaq on May 17, 2024, about not meeting the minimum bid price requirement of $1.00 per share for its American Depositary Shares. This non-compliance is based on the share price for the last 31 consecutive business days. The company has 180 days, until November 13, 2024, to regain compliance by maintaining a closing bid price of at least $1.00 per share for 10 consecutive business days. If unsuccessful, SaverOne may receive an additional 180-day extension to comply, possibly through a reverse stock split. The company is actively monitoring the situation and prioritizes its continued listing on Nasdaq.
SaverOne 2014, a technology firm specializing in transportation safety, has been granted a new patent by the European Patent Office. This patent, numbered EP3158718, is titled 'System and Methods to Facilitate Safe Driving'.
The patent leverages machine learning and channel fingerprinting to selectively restrict driver phone functions without affecting other mobile devices in the vehicle, enhancing road safety. With this patent, SaverOne now holds a portfolio of 23 patents (11 granted and 12 pending) in major markets including the US, China, Israel, UK, and the EU. This development aligns with SaverOne's strategy for global expansion and reinforces its leadership in transportation safety innovation.
SaverOne 2014 expands collaboration with IVECO by receiving a new purchase order to develop a proof-of-concept solution for vulnerable road user detection. The solution will be integrated into IVECO's vehicles to enhance safety. The partnership aims to improve road safety and protect all road users by detecting vulnerable road users like pedestrians and cyclists using radio frequency (RF) technology.
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