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| StradVision CEO Kim Jun-hwan speaks during a press conference at the company's headquarters in Seoul, Tuesday. Courtesy of StradVision |
StradVision, a local automotive software company, announced an ambitious vision to supply its software to about half of the cars newly produced in the next 10 years, the company said Tuesday.
Established in 2014, the Seoul-based company has become a leader in camera perception software that enables self-driving cars to recognize objects based on AI technology.
"We've already signed supply contracts with more than 13 carmakers around the world and our SVNet software is supplied to over 50 car models. We have secured more than 160 patents in the United States and I am confident that we are the world's leader in image recognition," Kim Jun-hwan, CEO of StradVision, said during a press conference at the company's headquarters in Seoul.
"Our camera perception software, SVNet, has established a solid position within the automotive industry. Hyundai Motor Group, LG Electronics and Japan's Aisin recognized our technology and business potential at an early stage and have been investing in us from the beginning. We also attracted an investment worth 107.6 billion won ($75.3 million) recently from investors, including Aptiv of the U.S. and ZF of Germany."
StradVision's software is the first to be applied in mass-produced cars and is considered the most mature software in the industry, according to Sunny Lee, chief operating officer of StradVision and CEO of the company's U.S. branch.
"By 2027, our software will be installed in 10 million cars, and by 2032, more than 56 million new cars, around half of the cars newly produced yearly around the world, will use our software," she said.
To reach that goal, the company reorganized its SVNet software lineup. Specifically, SVNet is subdivided into ProDriver, which provides various object recognition features during driving, ParkAgent for parking assistance, ImmersiView, which supports augmented reality features and CompliKit, which enables its customer companies to use their own data to improve SVNet's features on their own.
The company said its SVNet camera perception software has been installed in 559,967 new cars as of June.
"So far, we have focused on introducing the latest AI-based vision technology in the automotive industry. But from now on, we will reorganize our mission so that our technology can be used in various industries such as logistics, aviation and mobility," the CEO said.
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