Acquisition Strengthens Velodyne’s Lidar Solutions for Smart Infrastructure Development
Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced that it has acquired Bluecity, a Montreal-based artificial intelligence (AI) software company whose next-generation lidar-like solutions help solve problems safety, traffic and infrastructure. The acquisition of all of the shares of the company reinforces Velodyne’s commitment and desire to ensure the success of its customers by providing them with industry-leading AI-based autonomous vision solutions. The acquisition of Bluecity is expected to have no impact on the company’s operating expenses and cash usage. Bluecity’s sales, software design and management teams will join Velodyne.
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Velodyne Lidar’s smart infrastructure solution, powered by Bluecity, installed at an intersection in San Jose, California. Image credit: Velodyne Lidar
Velodyne and Bluecity have been partners for many years to offer lidar-type solutions for smart city applications. Velodyne’s Intelligent Infrastructure Solution (IIS) combines the company’s award-winning lidar sensors and AI software from Bluecity. IIS helps monitor and analyze traffic to improve road safety and efficiency and help cities implement greener, smarter transportation systems. The solution is deployed on four continents and has 74 installations, including US territories in California, Colorado, Florida, New Jersey, Maryland, Texas, Nevada and Michigan, and internationally, in Canada, China, United Arab Emirates, India, Finland, Germany and Australia.
“We are delighted to welcome Bluecity as a full member of the Velodyne team. This is an exceptionally talented group of innovators who have built groundbreaking AI and analytics software that perfectly complements our lidar-like sensors and Vella software,” said Dr. Ted Tewksbury, CEO of Velodyne Lidar . “Customer reaction to Velodyne’s lidar solutions has been overwhelmingly positive. They use our AI-powered lidar analytics to gain business insights and improve the safety, sustainability, efficiency and fairness of transportation spend like never before possible with radars or conventional cameras. The acquisition of Bluecity reaffirms that the system solutions approach integrating software and hardware is a major competitive advantage for Velodyne in all of its end markets. »
“Bluecity believes in Velodyne’s vision as the leading provider of AI-based autonomous vision systems,” said Dr. Asad Lesani, co-founder and CEO of Bluecity. “Our experience working with Velodyne’s world-class lidar sensors has shown us that the power of its solutions can help make communities safer and more efficient. Our team is thrilled to be part of Velodyne now. »
Velodyne expands its portfolio of full-stack solutions
Velodyne will continue to expand its intelligent infrastructure solutions capabilities, including people and vehicle flow monitoring, to create a host of new full-stack infrastructure solutions for applications in parking lots, retail, casinos and stadiums. According to Yole Intelligence, a member of Yole Group, the intelligent infrastructure market associated with lidar will grow from USD 108 million in 2021 to USD 1.1 billion in 20271. To serve these growing markets, Velodyne will integrate Bluecity’s robust AI and analytics software, as software as a service (SaaS), with its Vella lidar perception software. This integration will facilitate the advent of new lidar-like software solutions by Velodyne for industrial, robotics and smart infrastructure applications, which will accelerate customers’ time to market with autonomous vision systems custom-built for these markets.
Vella software converts lidar data into actionable information so that autonomous systems can observe and understand the environments in which they operate. Real-time data from Vella enables autonomous systems to make decisions and take action, such as moving robots or vehicles safely, while providing analytical data, such as a traffic solution that will help communities to understand the root causes of near misses, running red lights and other road user behaviors.
1Source: LiDAR 2022 – Focus on Automotive and Industrial Report, Yole Intelligence, 2022
About Velodyne Lidar
Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technologies by inventing real-time surround-view lidar-like sensors. A world leader in lidar, Velodyne is recognized for its broad portfolio of innovative lidar technologies. Velodyne’s breakthrough sensor and software solutions deliver flexibility, quality, and performance to meet the needs of a broad set of industries, including robotics, industry, smart infrastructure, autonomous vehicles, and systems. advanced driver assistance systems (ADAS or Advanced Driver Assistance Systems). Through continuous innovation, Velodyne seeks to transform the lives of people and communities by enabling safer mobility for all.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including, but not limited to, all statements other than statements of fact historical information, and including, but not limited to, statements relating to Velodyne’s target markets, new products, development efforts and competitors. When used in this news release, the words “estimate”, “project”, “expect”, “anticipate”, “expect”, “plan”, “intend”, ” believe”, “seek”, “may”, “should”, “shall”, “propose”, and the use of the future tense and the conditional tense and variations of these words or similar expressions (or negative forms thereof) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties and assumptions, as well as other important factors, many of which are beyond the control of the will of Velodyne and could cause actual results to differ materially from those discussed in the forward-looking statements. Important factors that could cause actual results to vary include, among others, uncertainties related to government regulations and the adoption of lidar; the uncertain impact of the COVID-19 pandemic on Velodyne’s business and that of its customers; Velodyne’s ability to manage its growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and related to the eventual market acceptance of such products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that already exist or may enter the market; uncertainties relating to Velodyne’s current litigation and potential litigation involving Velodyne or relating to the validity or enforceability of Velodyne’s intellectual property, as well as general economic and business conditions affecting demand for Velodyne’s products and services Velodyne. For further information on the risks and uncertainties associated with Velodyne’s business, please see the “Management’s Discussion and Analysis of Financial Condition and Results” sections. of Operations) and “Risk Factors” in Velodyne’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q . All forward-looking statements contained in this press release are based on information available to Velodyne as of the date of publication. Velodyne disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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