QUEBEC CITY, May 7, 2024 /PRNewswire/ -- LeddarTech Holdings Inc. ("LeddarTech") (Nasdaq: LDTC) and Immervision Inc. are pleased to jointly announce a collaboration that aims to streamline the perception model training process with a view to making it faster, more cost-effective and less data-intensive. LeddarTech is an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, for advanced driver assistance systems (ADAS) and autonomous driving (AD) and parking applications. Immervision is a leading developer of advanced vision systems combining optics, image processing and sensor fusion technology.
This joint effort combines LeddarTech's expertise in AI-based low-level sensor fusion and perception software technology and Immervision's leadership in advanced vision systems, creating a powerful synergy intended to improve ADAS and AD perception training.
The goal of perception technology in ADAS is to provide accurate and timely information to the vehicle's control system, enabling it to make informed decisions and assist the driver in various driving tasks, such as collision avoidance, lane keeping and adaptive cruise control. However, the development and validation process requires costly data collection and labeling.
LeddarTech and Immervision's collaboration aims to improve and significantly optimize this process by allowing large-scale data re-usability. The breakthrough achieved by their research teams allows the re-use of data across various ADAS and AD platforms, with zero simulation-to-reality gap. This means that existing data assets can now be leveraged for new platforms, significantly shrinking the development time and cost for the perception models, thus enabling a faster and more cost-effective development cycle for the complete system. This optimization is expected to result in a more cost-effective and safer future for ADAS and AD.
The companies intend to demonstrate this technology in Q3 of 2024.
"At Immervision, our partnership with LeddarTech is a leap forward in refining the training of perception software. We are pioneering a method to train these systems faster and cost-effectively, minimizing the need for extensive data gathering. This advancement is a game-changer in reducing the risk associated with developing advanced vision systems", stated Michel Van Maercke, CEO of Immervision. "Through our joint efforts with LeddarTech, we intend to streamline the evolution of ADAS and AD technologies, accelerating our journey towards a safer, more efficient autonomous future."
Pierre Olivier, LeddarTech's Chief Technology Officer, stated: "I am enthusiastic about this collaboration, which has the potential to significantly accelerate the development and deployment of ADAS and AD solutions. LeddarTech and Immervision have collaborated before, and our teams share a common vision of the contribution that tools and data can make in realizing the dream of fully autonomous vehicles."
With over 20 years of innovation, Immervision creates solutions that see beyond human vision. Its Deep Seeing technology and renowned experts in wide-angle vision systems, optical design and image processing enable smart devices with superhuman eyes to capture high-quality visual and contextual data. The company invents, customizes and licenses wide-angle camera solutions and imaging software technology for AI, machine vision and user applications, from capture to display, in the mobile, automotive, robotics, security and other industrial and consumer product industries.
For more information about Immervision, visit www.immervision.com and LinkedIn.
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech's automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing innovations, with over 160 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.
LeddarTech might, in the scope of collaborations, partnerships and projects, from time to time, collect with test vehicles personal information, i.e., information that directly or indirectly identifies members of the public. Collected personal information may be processed, used, stored and communicated by LeddarTech within the scope of developing and training our software and products. For further information about the processing activities, which include the collection, use, storage and communication of the personal information, as well as the associated personal information protection rights and how to exercise them, please consult LeddarTech's Privacy Policy and Immervision's Privacy Notice.
Additional information about LeddarTech is accessible at www.LeddarTech.com and on LinkedIn, Twitter (X), Facebook and YouTube.
Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech's anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend" and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the possibility that anticipated benefits of LeddarTech's recent business combination will not be realized; (ii) the risk that shareholder litigation in connection with the business combination or other settlements or investigations may result in significant costs of defense, indemnification and liability; (iii) changes in general economic and/or industry-specific conditions; (iv) possible disruptions from the business combination that could harm LeddarTech's business; (v) the ability of LeddarTech to retain, attract and hire key personnel; (vi) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties, including as a result of the business combination; (vii) potential business uncertainty, including changes to existing business relationships following the business combination that could affect LeddarTech's financial performance; (viii) legislative, regulatory and economic developments; (ix) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak or escalation of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management's response to any of the aforementioned factors; (x) access to capital and financing and LeddarTech's ability to maintain compliance with debt covenants; (xi) LeddarTech's ability to execute its business model, achieve design wins and generate meaningful revenue; and (xii) other risk factors as detailed from time to time in LeddarTech's reports filed with the U.S. Securities and Exchange Commission (the "SEC"), including the risk factors contained in LeddarTech's Annual Report on Form 20-F for the fiscal year ended September 30, 2023. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Daniel Aitken, Vice-President, Global Marketing, Communications and Investor Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol "LDTC."
