Terranet AB - Interim report 1 January - 31 March 2022
Lund, May 12, 2022
Significant events during the first quarter
Significant events after the close of the period
First quarter, 1 January — 31 March 2022
A word from the CEO
On the right path
Full focus on BlincVision
This strategic priority means we do not plan to launch BlincBike as a separate product. Instead, we intend to license BlincBike to an established OEM supplier in the electric bicycles and e-scooter market. This way we can focus fully on product development related to BlincVision, transitioning from today's Proof of Concept phase to a commercial ADAS product that can be integrated into cars. This does, however, not mean that we completely close the door to other applications of VoxelFlow technology. We still see great opportunities in other areas and will continue to explore various business development opportunities in the coming years – but our top priority is the development of BlincVision.
Next milestone: Prototype development
The PoC that was presented at Startup Autobahn last year can be described as a simple demo that showed that the innovation works in reality, not just in a lab environment. It was an important milestone for Terranet as an innovation company, but the production ready BlincVision system, which we expect to be able to present in a couple of years, will look different and be far more advanced than the system shown in the demo. For example, the physical size of BlincVision needs to be reduced to be integrated into a car.
Strengthened collaboration with hardware and software partners
Appointment of a new CEO
Update on industry collaborations
Daimler / Mercedes-Benz: At the beginning of 2021, Terranet was commissioned to integrate a Proof of Concept by BlincVision into a Mercedes-Benz car to demonstrate the system's functionality. The result was presented in a successful demonstration on Startup Autobahn 2021. Even though our formal assignment has concluded, we continue to have a close dialogue with Daimler on how Terranet's technology can be further developed in line with the demands of the automotive industry. Our ambition is of course to do more projects together in the future based on our A- and B-samples.
holoride: Terranet also collaborates with startup company holoride, which develops Extended Reality entertainment systems for passengers. The collaboration has two dimensions. Firstly, there is a joint research project exploring the potential of Terranet's BlincVision to add additional functionality to holorides' Extended Reality-platform. But perhaps just as interesting to you as a shareholder is that Terranet has been an owner of holoride since 2021, with approximately 10,5% of the shares. In March, holoride announced that their entertainment platform will be introduced in selected Audi models this summer – a huge recognition from the automotive industry that they believe in the product. We look forward to taking part in holoride’s continued success as one of the investors, but also the continued development opportunities around BlincVision and holoride’s Extended Reality-platform.
NEVS: The collaboration between electric car manufacturer NEVS and Terranet continues, with the purpose of evaluating BlincVision as a future component in the safety system for NEVS’ self-driving vehicle Sango.
In addition to these, Terranet also has a dormant project with Disney on how Terranet's technology can be utilized for amusement park rides. Due to changing circumstances at Disney brought on by the pandemic, and Terranet's strategic decision to focus on the development of BlincVision, there are currently no plans to resume cooperation in the near future.
The way forward
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This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person above on May 12, 2022, at 08.00 CET.
About Terranet AB (publ)
Terranet is on a mission to save lives in urban traffic.
We develop breakthrough tech solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV) that protect vulnerable road users.
With a unique patented vision technology, Terranet’s anti-collision system BlincVision laser scans and detects road objects ten times faster and with higher accuracy than any other ADAS technology available today.
Terranet is based in Lund, Sweden, and in the heart of the European automotive industry in Stuttgart, Germany. The company is listed on Nasdaq First North Premier Growth Market since 2017(Nasdaq: TERRNT-B).
Follow our journey at www.terranet.se
Certified Adviser to Terranet is Mangold Fondkommission AB, 08-503 015 50, [email protected].