STOCKHOLM, Dec. 6, 2023
/PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) has been awarded by a
leading commercial vehicle OEM to supply Driver Monitoring System
(DMS) software to the OEM's global range of commercial vehicles.
Neonode will provide a bespoke solution based on its proprietary
MultiSensing platform. Neonode will receive licensing revenues from
2025 when the first vehicles equipped with Neonode's solution reach
the market. The program will also generate non-recurring
engineering revenues for Neonode during the coming years.
"We are honored and proud to have been selected as a partner to
this commercial vehicle OEM and look forward to cooperating with
them in developing and launching safety-enhancing and value-adding
driver and in-cabin monitoring systems for many years to come. This
is a breakthrough win for Neonode and our MultiSensing technology
for commercial vehicle applications, where reliability and quality
standards are of utmost importance. We will build on this to expand
our driver and in-cabin monitoring business in both the commercial
vehicle segment and in the light vehicle and passenger car segment
in the coming years," said Urban
Forssell, CEO Neonode.
The global DMS market is already a multi-billion dollar market
and is expected to grow significantly the next ten years driven by
legislation and other initiatives to improve traffic safety. The
DMS software market alone is expected to become a multi-hundred
million dollar per year market and Neonode's aim is to win a
significant portion of this and establish itself as a leader in
this segment.
Neonode's MultiSensing platform supports controlled and
efficient development of value-adding driver and in-cabin
monitoring features that can be seamlessly deployed in new vehicles
as well as in vehicles already in use. This advanced and scalable
platform utilizes the power of machine learning and takes a
holistic approach to the driver and in-cabin monitoring task and
uses a large number of different sensor inputs and data when
assessing the situation inside the vehicle, which makes Neonode's
solution uniquely flexible with superior performance and
robustness.
For more information, please contact:
CONTACT:
Chief Executive Officer
Urban Forssell
E-mail: urban.forssell@neonode.com
Phone: +46 734 10 03 59
Director Marketing
Alana Gordon
E-mail: alana.gordon@neonode.com
Phone: +46 73 682 60 10
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SOURCE Neonode