VAYAVISION Receives ?2.45M From European Commission to Go to Market in Europe

TEL AVIV, Israel, March. 6, 2019 /PRNewswire/ -- VAYAVISION, a leading provider of perception software solutions for autonomous vehicles using raw data fusion with up-sampling, today announced that they are the recipient of a ?2.45 million SME Instrument Grant from the European Commission's European Innovation Council (EIC) to support promotion to and penetration of the European market.

VAYAVISION was selected to receive a SME Instrument Phase 2 Grant, part of the Horizon 2020 Work Programme 2018-2020. Phase 2 requests had a success rate of 3.6%.

"We are grateful to the European Commission for their support and their shared vision that our environmental perception software will improve the safety of Europe's autonomous vehicles," said VAYAVISION CEO and co-founder Ronny Cohen. "This grant, which is a testament to the increasing demand for AV perception solutions in Europe, will enable us to bring our innovative offering to those at the forefront of the automotive revolution."

VAYAVISION's winning proposal, "Seeing the View," detailed using the funding to support activities involved in bringing the company's debut perception software product, VAYADrive 2.0, to the European market, including: adapting and customizing VAYADrive 2.0 in preparation for European market; marketing and support infrastructure; training; and local European presence and support teams to assist EU-based OEMs and Tier 1s.

"Until now, autonomous vehicle perception offerings have been limited in both price and precision," said CTO and Co-Founder Youval Nehmadi. "VAYAVISION is bringing to market a much needed accurate and reliable AV environmental perception solution, and delivering it at an affordable cost that will enable the commercialization of safer level 3, 4 and 5 AVs."

Debuted in January 2019, VAYADrive 2.0 is an AV perception software engine based on VAYAVISION's unique raw data fusion and upsampling technique, computer vision, and AI tools, which create accurate and reliable 3D environmental models of the area around self-driving vehicles. The environmental model provides a rich object list on a fine grid with timing and velocity vectors. It is currently in use by leading OEMs and Tier 1 suppliers.

The EIC supports top-class innovators, start-ups, small companies and researchers to scale up internationally. Between 2018 and 2020 the EIC pilot will provide ?2.7 billion to breakthrough, market-creating innovations via four programs (including the SME Instrument); opportunities for networking, mentoring and coaching; and strategic advice to upgrade the innovation ecosystem in Europe. The SME Instrument is part of the EIC pilot, providing about ?1.6 billion in funding over the period 2018-2020 and available to SMEs only.

About VAYAVISION:

VAYAVISION's leading environmental perception solution provides vehicles with crucial information on the dynamically changing driving environment for safer and reliable autonomous driving. The software solution encompasses state of the art raw data fusion with upsampling, AI, and computer vision, and has inherent redundancy that is required for functional safety. It is able to reliably and accurately detect small obstacles and "unexpected" objects.

Working with leading OEMs and Tier 1's globally, VAYAVISION paves the way for comprehensive AV environmental perception.

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SOURCE VAYAVISION