Sensrad Values Its Agreement at an Estimated
7M Euros, with Deliveries Expected to
Begin in the Third Quarter of 2024
TEL
AVIV, Israel, Sept. 4,
2024 /PRNewswire/ -- Arbe Robotics Ltd.
(NASDAQ: ARBE) (TASE: ARBE) a global leader in Perception Radar
Solutions, announced today that its tier-1, Sensrad, has signed a
framework agreement to provide 4D Imaging Radars powered by Arbe's
chipset to China-based Tianyi
Transportation Technology, according to an announcement from
Sensrad. Sensrad values the agreement at an estimated 7M Euros, with deliveries expected
to begin in the third quarter of 2024.
The agreement follows an extensive, year-long evaluation and
implementation process of Sensrad's 4D Imaging Radar, which
utilizes Arbe's advanced chipset technology. "After 12 intense
months of development, we are pleased to enter into this volume
contract, and as it is our first commercial contract, it is a major
milestone for Sensrad," says Marcus
Hasselblad, CEO of Sensrad. "I am proud of what the team at
Sensrad has achieved in such short time. I also want to thank
Tianyi for their trust in us and in our product, and we look
forward to a long lasting, fruitful and growing cooperation."
In 2024, Sensrad has reported multiple customer engagements for
its 4D Imaging Radar, which is based on the Arbe chipset and
Gapwaves' proprietary waveguide antenna technology.
"Congratulations to Sensrad on this significant achievement,"
said Kobi Marenko, CEO of Arbe.
"This agreement is a clear demonstration of the market's
recognition of the superior performance and reliability of Arbe's
4D imaging radar technology. The growing opportunities in
China reinforce our vision to
transform perception capabilities globally. We are excited to
support Sensrad in delivering unparalleled radar solutions to
Tianyi and driving innovation forward in key markets."
About Arbe
Arbe (Nasdaq: ARBE), a global leader in Perception Radar
solutions, is spearheading a radar revolution, enabling truly safe
driver-assist systems today while paving the way to full
autonomous-driving. Arbe's radar technology is 100 times more
detailed than any other radar on the market and is a critical
sensor for L2+ and higher autonomy. The company is empowering
automakers, Tier 1 suppliers, autonomous ground vehicles,
commercial and industrial vehicles, and a wide array of safety
applications with advanced sensing and paradigm changing
perception. Arbe, a leader in the fast-growing automotive radar
market, is based in Tel Aviv,
Israel, and has offices in China, Germany, and the
United States.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, both as amended by the Private Securities
Litigation Reform Act of 1995. contains "forward-looking
statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934, both as amended by the Private
Securities Litigation Reform Act of 1995. The words "expect,"
"believe," "estimate," "intend," "plan," "anticipate," "may,"
"should," "strategy," "future," "will," "project," "potential" and
similar expressions indicate forward-looking statements.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. These risks and uncertainties include, but not
limited to the Company's being able to meet Sensrad's quality and
timing requirements and Tianyi being able to introduce and market
products that use the Company's chipset, the Company meeting the
conditions to the release of the net proceeds of its recently
announced debenture offering from escrow and meeting the covenants,
the effect on the Israeli economy generally and on the Company's
business resulting from the terrorism and the hostilities in
Israel and with its neighboring
countries including the effects of the continuing war with Hamas
and any further intensification of hostilities with others,
including Iran and Hezbollah, and
the effect of the call-up of a significant portion of its working
population, including the Company's employees; the effect of any
potential boycott both of Israeli products and business and of
stocks in Israeli companies; the effect of any downgrading of the
Israeli economy and the effect of changes in the exchange rate
between the US dollar and the Israeli shekel; and the risk and
uncertainties described in "Cautionary Note Regarding
Forward-Looking Statements," "Item 3. Key Information – D. Risk
Factors" and "Item 5. Operating and Financial Review and Prospects"
and in the Company's Annual Report on Form 20-F for the year ended
December 31, 2023, which was filed
with the Securities and Exchange Commission (the "SEC") on
March 28, 2024, as well as other
documents filed by the Company with the SEC. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements. Forward-looking statements relate only to the date they
were made, and the Company does not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made except as required by
law or applicable regulation.
Information contained on, or that can be accessed through, the
Company's website or any other website or any social media is
expressly not incorporated by reference into and is not a part of
this press release.
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