SaverOne Secures 4,300 System Orders To Battle Distracted Driver Dilemma

Rhea-AI Summary

SaverOne (NASDAQ: SVRE) Introduces In-Cabin Driver Distraction Prevention Solution (DDPS) to Reduce Mobile Phone Use While Driving

Positive

• SaverOne introduces innovative technology to reduce distracted driving
• The DDPS system uses next-gen technology to identify and block distracting apps and social media channels
• SaverOne's mission is to deploy its flagship product commercially across diverse markets

Negative

• None.

SaverOne's DDPS technology joins the battle against "distracted driver" dilemma, says Soulstring Media.

Miami, Florida--(Newsfile Corp. - November 17, 2023) - Per Soulstring Media, SaverOne 2014 Ltd. (NASDAQ: SVRE) has created a product that significantly reduces mobile phone use while driving. Its flagship In-Cabin Driver Distraction Prevention Solution (DDPS), branded as the SaverOne system, uses next-gen technology that can identify when a cell phone is in the vicinity of the driver's seat and, with the addition of the SaverOne App, block access to distracting apps and social media channels without disrupting necessary apps like navigation, emergency signals, and hands-free phone calls.

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It does so with a tech-forward design that can detect and locate a driver's cell phone radio frequency (RF) signal and, in an instant, disable virtually all non-emergency functions. From being programmable, it can shut down other distracting features, too. However, the goal of SVRE technology isn't to limit mobile communications altogether but rather to curb texting and viewing content while driving, particularly general messaging and posting to social media channels. That's accomplished by the DDPS system automatically engaging when a phone (with the app installed) is near the driver, not the passengers, by using sensors and AI algorithms to identify and detect the position of a mobile phone inside a vehicle.

AI-Empowered Functionality

Once professionally installed, a concealed "Phone Location Unit," typically put under the dashboard, can determine a phone's location based on the relative strength of the phone's RF signal. Then, with the SaverOne app enabled, a driver entering the vehicle with a cell phone will find that many distracting apps have been automatically disabled. If the app is not enabled, an alarm will be triggered that can only be silenced by removing the phone from the driver's area or downloading and activating the mobile app if the phone is to remain in the vicinity of the driver.

SaverOne's intent is not to shut down communications. Instead, the DDPS system blocks specific distracting applications while the vehicle is in motion, leaving calls, navigation, music apps, and other hands-free or non-distracting apps enabled. It's not a one-size-fits-all platform, either. A corporate fleet manager could elect to "safelist" specific apps (for example, a delivery company could add its internal delivery app to the approved list). For private vehicles, the list of allowed apps can be modified by a third party, such as a parent or an insurance company that might offer incentives for compliance.

SaverOne's mission is to deploy its flagship product commercially across several diverse markets, including commercial vehicles, buses, and employee-driven vehicles.

SaverOne Order Book Continues To Increase

SaverOne has secured roughly 4,300 systems ordered, with about 3,000 already installed. SaverOne also launched a second generation of the distracted driver protection solution in Q4 last year, expanding its marketing reach and allowing it to better serve the larger global auto market. In 2023, SaverOne reached a milestone with its first international sales, laying the groundwork to further capitalize on untapped global sales opportunities.

Last month, SaverOne reported initial orders of 90 new installations of its in-cabin Driver Distraction Prevention Solution (DDPS), primarily on school buses. While the system order count is small, SaverOne expects the initial placement to lead to more significant orders from that client and potential new ones that provide similar services. Also in October, SaverOne signed a distribution agreement with GVZ Company, based in Milan. GVZ specializes in distributing automotive components and solutions and has significant experience offering products that comply with European and Italian automotive safety regulations. GVZ will market, sell, install, and provide local support for SaverOne's DDPS products in the region.

Smartphone ownership has surged from roughly 56% of the American population owning one to approximately 85% as of 2022. Excluding the very young and the oldest generations from this calculation leads to a revised estimate showing that nearly all drivers in the U.S. own a smartphone. SaverOne notes that with that increase, the issue of distracted drivers gets compounded, with smartphone use adding to other distractions, including eating and adjusting controls.

SaverOne is advancing an ambitious initiative from developing an OEM solution that could be integrated into a new vehicle and then offered to the purchaser. Some manufacturers are already on board. SaverOne has announced a deal with at least one OEM partnership, major truck manufacturer Iveco, which is expected to begin integrating SaverOne's products in 2024, adding to a steepening revenue curve.

SaverOne Growth Curve Is Steepening

In the first half of 2023, SVRE reported a significant increase in year-over-year revenues, reaching roughly $400k, resulting from the approximately 3,000 units installed through August 29, 2023. That number is also up appreciably from 1,750 installed units in March 2023. That trend is expected to continue based on the pace of announced deals and the purported interest from large fleet vehicle operators. SaverOne is well-capitalized to reach its next series of milestones. As of June 30, the company has about $5 million in cash, providing a roughly ten-month cash runway based on its approximately $500,000 per month spent on operations. Accretive deals should lessen the need for fresh capital.

SaverOne announced its largest deal to date with Electra Afikim, an Israeli-based public transportation company expected to install the SaverOne System in its roughly 1,200 busses. The company also recently announced an expansion of its pilot projects outside of Israel, evaluating system placement potentials on buses in the Gulf region. Other active pilot projects are ongoing in the U.S. and in Europe.

SaverOne also announced entering into a memorandum of understanding with leading medium/heavy truck manufacturer IVECO to integrate its solution within IVECO trucks. IVECO produces about 150,000 trucks annually. A side letter announced in June 2023 reaffirms the companies' intention to co-develop the OEM solution, with initial integration expected to begin before the year's end and followed by a full rollout in inclusion in 2024.

SaverOne Turing Ambition Into Revenues

In addition to assets, SaverOne employs a management team proven to deliver shareholder value. The CEO has held leadership roles in several companies, the COO and Co-founder spent over two decades at Motorola, last serving as Senior Manager of Program Management and Business Operations, and its Vice President of R&D served as the VP of R&D for Micronet Ltd. and as CTO of the automotive division before taking on the role of Senior Manager at Motorola.

That team is leveraging SaverOne's intrinsic strengths to capitalize on and maximize revenue-generating opportunities from a market in dollar terms worth billions. With a game-changing app and system, SaverOne hopes to reach its goal of becoming a recognized global services provider in a sector where being the best can be the difference between life and death. With product differences that are advantages, SaverOne hopes to more than provide the market; they hope to lead it.

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International Investor Relations Contact:
Ehud Helft
+1 212 378 8040
saverone@ekgir.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187770

FAQ

What is SaverOne's DDPS technology?

SaverOne's DDPS technology is an In-Cabin Driver Distraction Prevention Solution that uses next-gen technology to identify when a cell phone is in the vicinity of the driver's seat and block access to distracting apps and social media channels.

How does SaverOne's DDPS system work?

The DDPS system uses sensors and AI algorithms to identify and detect the position of a mobile phone inside a vehicle and automatically disables many distracting apps when the driver enters the vehicle.

What is the goal of SVRE technology?

The goal of SVRE technology is to curb texting and viewing content while driving, particularly general messaging and posting to social media channels, without limiting mobile communications altogether.

What markets is SaverOne targeting?

SaverOne aims to deploy its flagship product commercially across several diverse markets, including commercial vehicles, buses, and employee-driven vehicles.

How many systems has SaverOne secured orders for?

SaverOne has secured roughly 4,300 systems ordered for its DDPS technology.