TEL AVIV, Israel and
HOUSTON, April 19, 2021 /PRNewswire/ -- Arbe, a global
leader in next-generation 4D Imaging Radar Solutions, today
announced that AutoX has chosen its 4D Imaging Radar Platform
for their Level 4 autonomous vehicles, RoboTaxis, as well as other
autonomous driving projects. Arbe recently revealed plans to go
public through a SPAC merger with Industrial Tech Acquisitions,
Inc (NASDAQ: ITAC) at equity value of approximately
$723M, merger conditions discussed
below.
Over the next five years, AutoX is expected to integrate 400,000
Arbe-based ultra-high resolution radar systems in their Level 4
fleet. Multiple radar units will be included as an integral
component of the sensor suite for safety application
development, AI-based perception algorithms, and sensor fusion.
"We are pleased to be working with AutoX – the leading RoboTaxi
player in China and one of the
most innovative automotive companies in the world as
demonstrated by the fact that they were granted a permit in
California to begin driverless
testing – to achieve high standards of safety and performance at an
ambitious pace," says Kobi Marenko,
CEO of Arbe. "AutoX has continuously proven to be a leader in the
China market, taking the first
steps in autonomous vehicle advancement. Our partnership is another
testimony to the company's forward-thinking nature."
AutoX chose to partner with Arbe because their platform enables
advanced safety and sensor performance at an attractive price
point. As part of the agreement, Arbe will provide AutoX with the
entire Arbe Imaging Radar platform, which enables an image 100
times more detailed than any radar on the market, via a
proprietary technology with 2K
resolution, the highest channel count in the industry.
"We are excited to integrate Arbe's technology in our Level 4
RoboTaxi fleet and are confident that their radar solution will
greatly enhance the safety of our vehicles," says David Liu, senior perception engineer at AutoX.
"Arbe provides the most advanced 4D radar solution on the market.
We will be able to leverage the high resolution and advanced
processing power with low latency of Arbe's product for our
RoboTaxis operating in China, home
to some of the world's most challenging and dense urban
scenarios."
Arbe is revolutionizing radar by bridging the sensor gap and
addressing the core issues that have caused recent autonomous
vehicle and autopilot accidents such as detecting stationary
objects, identifying vulnerable road users, and eliminating false
alarms without radar ambiguities. Arbe's 4D imaging radar is a
unique platform that provides ultra-high resolution in any
weather or lighting condition.
"The Arbe-AutoX partnership will transform the level of
safety for L4 vehicles, elevating the standards of safety and
leading the path for the entire industry," says Roman Levi, VP of Sales and General Manager of
Arbe APAC.
About Arbe
Arbe, a global leader in next-generation 4D Imaging Radar
Chipset Solutions, is spearheading a radar revolution, enabling
truly safe driver-assist systems today while paving the way to full
autonomous-driving. Empowering automakers, tier-1 automotive
suppliers, autonomous ground vehicles, commercial and industrial
vehicles, and a wide array of safety applications with advanced
sensing and paradigm-changing perception. Arbe's imaging radar is
100 times more detailed than any other radar on the market and is a
mandatory sensor for L2+ and higher autonomy. Arbe is expected to
list on the Nasdaq stock market following a business combination
with Industrial Tech Acquisitions (NASDAQ: ITAC). Arbe
is a leader in the fast-growing automotive radar market that has an
estimated total addressable market of $11
billion in 2025. Arbe is based in Tel Aviv, Israel, and has offices in
the United States.
On March 18, Arbe announced that
it had entered into, among other things, a definitive business
combination agreement with Industrial Tech Acquisitions, Inc.
(NASDAQ: ITAC), a publicly-traded special purpose acquisition
company ("ITAC"). Subject to the satisfaction of the terms and
conditions set forth in the business combination agreement, upon
closing of the transactions, the combined company will operate
under the "Arbe Robotics Ltd." name and is expected to be listed on
Nasdaq under the new ticker symbol "ARBE".
About AutoX
AutoX is a leading RoboTaxi player for the China market, with the mission of
'Democratizing Autonomy' to provide universal access to
transportation of people and goods. It was founded in 2016 by Dr.
Jianxiong Xiao (a.k.a. Professor X),
a self-driving technologist from MIT
and Princeton University. The company's
AutoX Driver platform is capable of handling the densest and most
dynamic traffic conditions in urban cities around the world. In the
city of Shenzhen, AutoX has
deployed the world's second, and China's first and only fully driverless
RoboTaxi service to the public. AutoX has deployed more than 100
RoboTaxis in the most populated cities, including Shanghai, Shenzhen, and Wuhan. AutoX is the second permit holder for
California DMV's completely driverless RoboTaxi permit.
Headquartered in Shenzhen, AutoX
has eight offices and five R&D centers globally.
About Industrial Tech Acquisitions, Inc
("ITAC")
ITAC is a blank check company formed for the purpose of entering
into a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more businesses or entities. ITAC is
sponsored by Texas Ventures, a leading technology and venture
capital firm with expertise in capital markets and structured
finance. The firm provides guidance, insight and capital to assist
entrepreneurs and managers who have the desire and talent to build
exceptional companies. The Texas Ventures' approach is to identify
emerging trends and opportunities prior to recognition by the
broader marketplace, and to take a proactive approach in working
with entrepreneurs and managers who have the determination to build
world-class companies
Important Notice Regarding Forward-Looking
Statements
This press release contains certain "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. Statements that are not historical
facts, including statements about Arbe and AutoX and the
transactions contemplated hereunder, and the parties' perspectives
and expectations, are forward looking statements. Such statements
include, but are not limited to, statements regarding the proposed
partnership between Arbe and AutoX, expected growth opportunities
for Arbe, anticipated future financial and operating performance
and results attributable therefrom, and the expected timing of the
implementation of the partnership. The words "expect," "believe,"
"estimate," "intend," "plan", "anticipate", "project", "may",
"should", "potential" and similar expressions indicate
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to various
risks and uncertainties, assumptions (including assumptions about
general economic, market, industry and operational factors), known
or unknown, which could cause the actual results to vary materially
from those indicated or anticipated.
Such risks and uncertainties include, but are not limited to,
risks related to: (i) the expected timing and likelihood of
completion of the transaction contemplated hereunder; (ii) a
default by AutoX or Arbe; (iii) the occurrence of any event, change
or other circumstances that could give rise to the termination of
partnership agreement; (v) costs related to the proposed
partnership between AutoX and Arbe; (vi) the occurrence of a
material adverse change with respect to the financial position,
performance, operations or prospects of Arbe or AutoX; (vi)
the disruption of Arbe management time from ongoing business
operations or performance of the units to be sold to AutoX; (vii)
changes in applicable laws or regulations, including laws and
regulations affecting the market for Arbe's products; (viii) the
possibility that Arbe may be adversely affected by other economic,
business, and/or competitive factors, or the continuing effects of
the COVID-19 pandemic, the worsening thereof or other future
pandemics; (ix) risks related to the matters set forth in the Staff
Statement on Accounting and Reporting Considerations for Warrants
Issued by Special Purpose Acquisition Companies, issued by the
Division of Corporate Finance of the SEC on April 12, 2021 and costs related to such matters,
and (x) other risks and uncertainties, including those to be
identified in the proxy statement/prospectus (when available)
relating to the proposed business combination between ITAC and
Arbe, including those under "Risk Factors," "Cautionary Notes
Concerning Forward-Looking Statements" and "Arbe Management's and
Analysis of Financial Conditions and Results of Operations"
therein, and in other filings with the Securities and Exchange
Commission ("SEC") by ITAC or Arbe. Arbe cautions that the
foregoing list of factors is not exclusive. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. 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 Arbe
undertake no 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.
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SOURCE Arbe