SEOUL, South Korea, March 27, 2023 /PRNewswire/ -- Frost & Sullivan has announced that STRADVISION, an automotive industry pioneer in deep learning-based vision perception technology, has won the Frost & Sullivan 2022 Global Technology Innovation Leadership Award in the advanced driver assistance system (ADAS) and automated driving (AD) perception software industry.
STRADVISION has won the Frost & Sullivan 2022 Global Technology Innovation Leadership Award in the advanced driver assistance system (ADAS) and automated driving (AD) perception software industry.
During the rigorous analytical award process, Frost & Sullivan evaluated multiple nominees in each category before determining the final award recipient. The process involves a detailed evaluation of best practices criteria across two dimensions for each nominated company. The firm found that STRADVISION excels in many criteria in the ADAS and AD perception space, including technology leverage and business impact.
"STRADVISION's commitment to innovation and creativity enables it to develop optimized solutions that meet client needs and market demands," said Deexeta Mohankumar, Research Analyst for Frost & Sullivan. "In addition, its core SVNet technology allows it to stay ahead of the competition by adopting advanced learning algorithms that deliver high efficiency and modularity. Demonstrating performance effectiveness with SoC-specific software architecture, STRADVISION has distinguished itself as a technology provider that can run deep learning-based vision perception features on leading SoC platforms. In contrast, most competitors still rely on ML-based solutions, which require large data sets, time, and resources to improve accuracy."
"We're pleased to see that our industry-leading approach to innovation is being widely recognized by such prestigious institutions as Frost & Sullivan," STRADVISION USA CEO Sunny Lee said. "We will continue to push for an integrated future for vision and artificial intelligence technology in consumers' everyday lives by providing our customers with best-in-class software for safer assisted and autonomous driving."
Frost & Sullivan's research on the global autonomous passenger vehicle market in 2022 indicates that the total addressable market for L1 to L4 autonomous vehicles will reach 74.54 million units by 2028, with 59% of the vehicles equipped with an L2 and above ADAS/AD software stack. This presents a vast opportunity for ADAS/AD perception technology developers such as STRADVISION. The ADAS/AD solutions based on STRADVISION's SVNet technology are available in more than 50 vehicle models of 13 OEMs, accounting for over 550,000 consumer vehicles in global markets.
Frost & Sullivan's full summary on the award and their selection of STRADVISION can be found HERE.
The Frost & Sullivan recognition came after a busy year for STRADVISION in 2022, including significant workforce growth of 69.2% YoY for the company, both in North America and globally. The company achieved Series C funding of $88 million ($129 million cumulative funding to date), and its recent rebranding and evolved company vision will extend the implementation of its innovative computer vision software to industries beyond automotive. Additional 2022 and early 2023 milestones include SVNet software implementation for Texas Instruments' TDA4 automotive processor, the successful completion of proof-of-concept (PoC) and production projects for more mass production with global OEMs and Tier-1 companies, and STRADVISION's SVNet software being once again selected as the 'Best-in-Class Software for Perception Systems' during the 2022 AutoSens Awards in Brussels, Belgium.
Founded in 2014, STRADVISION is an automotive industry pioneer in artificial intelligence-based vision perception technology for ADAS. The company is accelerating the advent of fully autonomous vehicles by making ADAS features available at a fraction of the market cost compared with competitors. STRADVISION's SVNet is being deployed on various vehicle models in partnership with OEMs; can powers ADAS and autonomous vehicles worldwide; and is serviced by over 300 employees in Seoul, San Jose, Detroit, Tokyo, Shanghai, Friedrichshafen, and Dusseldorf. STRADVISION has been honored with Frost & Sullivan's 2022 Global Technology Innovation Leadership Award, the Gold Award at the 2021 and 2022 AutoSens Awards for Best-in-Class Software for Perception Systems, and the 2020 Autonomous Vehicle Technology ACES Award in Autonomy (software category). In addition, STRADVISION's software is certified to the ISO 9001:2015 for Quality Management Systems and ISO 26262 for Automotive Functional Safety.