Arbe Selected by Veoneer, a Leading Active Safety Tier-1, for Its Next Generation Radar
Veoneer Declared it Expects Radar Systems Based on Arbe's Chipset will Reach Pre-Production by Mid-2023
TEL AVIV, Israel, Oct. 7, 2022 /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in Perception Radar Solutions, announced today that Veoneer, a leading active safety tier-1, selected Arbe's chipset solution for its next generation radars, including a long-range, high resolution radar with 48x48 RF channels and a 360° surround radar with 24x12 RF channels. Veoneer signed an agreement with Arbe confirming its plans to co-develop radars for automotive-grade safety and advanced driver assistance systems. The next generation radar is expected to be in pre-production by mid-2023.
Veoneer announced today that after five years of extensive research among radar chipset developers, they have chosen to partner with Arbe. "Veoneer is committed to offering safe, robust, high-quality sensor solutions to vehicle manufacturers globally. During the past 5 years, we have performed extensive research among 4D radar companies globally. By partnering with Arbe Robotics, Veoneer will be able to offer and integrate scalable automotive-grade 4D radar-sensors in future cars, at competitive prices," said Jacob Svanberg, CEO of Veoneer.
The combination of Arbe's patented imaging radar chipset and Veoneer's patented waveguide technology will push the boundaries of perception performance, providing unrivaled safety for level 2+ and higher autonomy. Arbe's chipset was chosen for its advanced and complete solution that includes receiver, transmitter, and processor chips.
"Veoneer is a leader in active safety and one of the most experienced radar developers in the automotive industry," said Kobi Marenko, CEO of Arbe. "The relationship with Veoneer combines design of best in class radars based on both companies' expertise, along with Veoneer's superior ability to manufacture, market, and integrate radar systems with leading vehicle manufacturers around the world. We are proud to be selected by Veoneer and together we will provide the automotive industry with revolutionary radar-based solutions, ensuring unmatched safety and autonomy."
Arbe (Nasdaq: ARBE), a global leader in Perception Radar Chipset Solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. Arbe's imaging radar is 100 times more detailed than any other radar on the market and is a mandatory sensor for L2+ and higher autonomy. The company is empowering automakers, tier-1 suppliers, delivery robots, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm-changing perception. Arbe is a leader in the fast-growing automotive radar market that has a projected total addressable market of $11 billion in 2025. Arbe is based in Tel Aviv, Israel, and has an office in the United States.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking statements'' within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words ``expect," "believe," "estimate," "intend," "plan," "anticipate," "project," "may," "should," "strategy," "future," "will," "project," "potential" and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions which are not historical facts, and, as a result, are subject to risks and uncertainties, including the execution of a definitive supply and license agreement between Veoneer and Arbe; the development, performance and capabilities of Arbe's chipset; the development of competitive products, the ability of Veoneer to meet its pre-production schedule; the performance of Arbe's chipset, Arbe's ability to produce and deliver products that meet Veoneer's cost, quality and delivery requirements; the ability of Veoneer to complete the development of the contemplated radar system; the ability of the Veoneer radar system that include the Arbe chipset to meet any new regulatory requirements relating to autonomous vehicles; the ability of the radar system to operate in all weather conditions and on local roads and highways; the ability of radar system identify and address all possible road and traffic conditions and the ability of the vehicle to address the conditions that are identified by the radar system; the ability of Veoneer's customers, which are the automobile manufacturers, to integrate the system in their vehicles in a manner that results in a marketable product; any new regulations relating to driverless vehicles which may be adopted; the effect of accidents or traffic tie-ups resulting from other autonomous vehicles. as well as risks associated with autonomous vehicles generally. You should carefully consider the risk factors and uncertainties described in "Risk Factors," "Operating and Financial Review and Prospects" "Cautionary Note Regarding Forward-Looking Statements'' and the additional risks described in Arbe's annual report on Form 20-F, and the risk factors and uncertainties described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Cautionary Note Regarding Forward-Looking Statements" and the additional risks described in Arbe's prospectus dated June 22, 2022, which was filed by Arbe with the SEC on June 23, 2022, and its prospectus dated July 11, 2022, which was field by Arbe with the SEC on July 19, 2022, as well as other documents filed by Arbe with the SEC. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Arbe does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
Information contained on, or that can be accessed through Arbe's website, or any other website is expressly not incorporated by reference into and is not a part of this press release.
Released October 7, 2022