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MicroVision, a developer of MEMS-based solid-state automotive LiDAR and advanced driver-assistance systems (ADAS) solutions, is acquiring certain assets from Hamburg, Germany-based Ibeo Automotive Systems GmbH for up to 15 million euros ($15.8M USD). The acquisition combines MAVIN LiDAR with Ibeo perception software features into the MicroVision ASIC for automotive OEMs.
Ibeo recently filed for insolvency because it could not secure further growth financing. MicroVision said the acquisition will expand its multi-market strategy focusing on industrial, smart infrastructure, robotics, and commercial vehicle segments with Ibeo’s flash-based sensor.
The combined company is expected to have revenue streams from existing and new product lines ranging from software, Ibeo’s flash-based LiDAR and MicroVision’s scanning LiDAR sensor, as well as other combinations of hardware with perception software solutions.
Ibeo Automotive Systems Gmbh developed and launched the SCALA sensor into serial production with a Tier 1 that is today used by premium OEMs like Audi, Mercedes and Stellantis and software solutions used by BMW and VW. Under the terms of the agreement, MicroVision will acquire certain Ibeo assets, IP, and teams to operate within the MicroVision organization as of the closing date, which is expected to be in the first half of 2023.
“This is an exciting time as we welcome the Ibeo team to the MicroVision family. We believe this is the winning combination to accelerate our strategic plan at the exact right time. Our best-in-class hardware solution paired with existing perception features added to our ASIC, accelerated by the Ibeo software and automotive qualification experience, presents a significantly advanced solution for OEM,” said Sumit Sharma, CEO of MicroVision. “I’m also very excited about the immediate expansion of our multi-market strategy with Ibeo’s sensor and hardware.”
The acquisition will enable MicroVision to accelerate its timeline around the delivery of a complete lidar and perception software solution. Ibeo’s perception software will be ported into the MicroVision digital ASIC with compatibility demonstrations available by early Q2 2023.
The forecasted revenue of $8 to $15 million is expected from new and existing customers, including top-tier German and U.S. OEMs as well as non-automotive multi-market customers.
The combined engineering teams in Hamburg, Nuremberg and Redmond, Washington will continue developing LiDAR hardware, perception software, ASIC, auto-annotation software, and other innovative ADAS and autonomous driving products.