Acquisition Bolsters Velodyne’s Lidar
Solutions for Intelligent Infrastructure
Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced the
company has acquired Bluecity, a Montreal-based artificial
intelligence (AI) software company whose next-generation,
lidar-based solutions solve safety, traffic and infrastructure
issues. The all-stock acquisition reinforces Velodyne’s commitment
to enabling customer success by delivering industry-leading,
AI-powered autonomous vision solutions. The addition of Bluecity is
expected to be immaterial to operating expenses and cash usage.
Bluecity’s executive, software development and sales teams will
join Velodyne.
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Velodyne Lidar's Intelligent
Infrastructure Solution, powered by Bluecity, installed at an
intersection in San Jose, CA. Image credit: Velodyne Lidar
Velodyne and Bluecity have been partnering for many years to
deliver lidar-based solutions for smart city applications.
Velodyne’s Intelligent Infrastructure Solution (IIS) combines the
company’s award-winning lidar sensors and Bluecity’s AI software.
IIS delivers traffic monitoring and analytics to improve road
safety and efficiency, and helps cities plan for smarter, greener
transportation systems. The solution is deployed across four
continents with 74 installations, including systems rolled out
domestically in California, Colorado, Florida, New Jersey,
Maryland, Texas, Nevada and Michigan and internationally in Canada,
China, UAE, India, Finland, Germany and Australia.
“We are excited to welcome Bluecity as full members of the
Velodyne team. They are an exceptionally talented group of
innovators with game-changing AI and analytics software that
perfectly complements our lidar sensors and Vella software,” said
Dr. Ted Tewksbury, CEO, Velodyne Lidar. “The customer response to
Velodyne’s lidar-based system solutions has been incredibly
positive. Customers are using our lidar and AI-powered analytics to
obtain business insights and improve safety, sustainability,
efficiency and transportation equity in ways that were never
possible with traditional cameras or radar alone. Our acquisition
of Bluecity further affirms that a system solutions approach
integrating software and hardware is a major competitive advantage
for Velodyne across all our end markets.”
“Bluecity is a big believer in Velodyne’s vision of being the
leading provider of AI-powered autonomous vision systems,” said Dr.
Asad Lesani, Co-Founder and CEO, Bluecity. “Our experience working
with Velodyne’s world-class lidar sensors has shown the power their
solutions can bring in making communities safer and more efficient.
Our team is thrilled to now be part of Velodyne.”
Velodyne Expands Full-Stack Solutions Portfolio
Velodyne will continue to expand its Intelligent Infrastructure
Solution’s capabilities, including monitoring flows of people and
vehicles to create a range of new full-stack infrastructure
solutions for applications such as parking, retail, casinos and
stadiums. According to Yole Intelligence, part of Yole Group, the
smart infrastructure market for lidar will grow from $108M in 2021
to $1.1B in 20271. To serve these growing markets, Velodyne will
integrate Bluecity’s robust AI and analytics software, delivered in
a Software as a Service (SaaS) model, with Velodyne’s Vella lidar
perception software. This integration will facilitate the creation
of new Velodyne lidar-based software solutions for industrial,
robotics and intelligent infrastructure, enabling the acceleration
of customers’ time to market with autonomous vision systems for
these markets.
Vella software translates lidar data into actionable information
so that autonomous systems can observe and understand the
environments they are operating in. Vella’s real-time data enables
autonomous systems to make decisions and take action, such as a
robot or vehicle moving safely, and provide analytics, for example
a traffic solution helping communities understand root causes of
near-miss collisions, red light running and other road user
behavior.
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 technology with the invention of
real-time surround view lidar sensors. Velodyne, the global leader
in lidar, is known for its broad portfolio of breakthrough lidar
technologies. Velodyne’s revolutionary sensor and software
solutions provide flexibility, quality and performance to meet the
needs of a wide range of industries, including robotics,
industrial, intelligent infrastructure, autonomous vehicles and
advanced driver assistance systems (ADAS). Through continuous
innovation, Velodyne strives to transform lives and communities by
advancing safer mobility for all.
Forward Looking Statements 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, without limitation, all
statements other than historical fact and include, without
limitation, statements regarding Velodyne’s target markets, new
products, development efforts, and competition. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," “can,” "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) 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,
assumptions and other important factors, many of which are outside
Velodyne's control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include uncertainties regarding government
regulation and adoption of lidar, the uncertain impact of the
COVID-19 pandemic on Velodyne's and its customers' businesses;
Velodyne's ability to manage growth; Velodyne's ability to execute
its business plan; uncertainties related to the ability of
Velodyne's customers to commercialize their products and the
ultimate market acceptance of these 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 exist
or may become available; uncertainties related to Velodyne's
current litigation and potential litigation involving Velodyne or
the validity or enforceability of Velodyne's intellectual property;
and general economic and market conditions impacting demand for
Velodyne's products and services. For more information about risks
and uncertainties associated with Velodyne’s business, please refer
to the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of
Velodyne’s SEC filings, including, but not limited to, its annual
report on Form 10-K and quarterly reports on Form 10-Q. All
forward-looking statements in this press release are based on
information available to Velodyne as of the date hereof, Velodyne
undertakes no 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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version on businesswire.com: https://www.businesswire.com/news/home/20221004005370/en/
Investor Relations Jim Fanucchi Darrow Associates, Inc.
InvestorRelations@velodyne.com Media Jane Maynard Velodyne
Lidar PR@velodyne.com
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