UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of October 2024
Commission
File Number: 001-40842
VALENS
SEMICONDUCTOR LTD.
(Exact
name of registrant as specified in its charter)
8
Hanagar St. POB 7152
Hod
Hasharon 4501309
Israel
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
EXPLANATORY
NOTE
The
information in the attached Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that
Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended,
or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
TABLE
OF CONTENTS
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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VALENS
SEMICONDUCTOR LTD. |
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By: |
/s/
Gideon Ben-Zvi |
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Name: |
Gideon
Ben-Zvi |
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Title: |
Chief
Executive Officer |
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Date:
October 1, 2024
3
Exhibit 99.1
Valens
Semiconductor’s VA7000 and VS6320 Chipsets Power New Innovations in the Industrial Machine Vision Market
Integration
of recently launched Valens chipsets into cutting-edge machine vision products from Teledyne e2v, Airy3D, FRAMOS, D3 Embedded, Leopard
Imaging, and other companies, marks Valens’ initial penetration into a $460 million Total Addressable Market
Hod
Hasharon, ISRAEL. October 1, 2024 – Today, Valens Semiconductor (NYSE:VLN), a leader in high-performance connectivity, announced
that it will showcase its innovative chipsets for the industrial machine vision market, thanks to the exceptional EMC performance and
native CSI-2 extension support of the MIPI A-PHY-compliant VA7000, as well as the USB 3.2 extension capabilities of the VS6320.
Based
on a variety of market research, the machine vision market is set to reach $7.8B by 2029, fueled by growth in factory and warehouse automation
and tighter inspection regulations. MIPI A-PHY is a strong fit for this market due to the ability of the technology to be integrated
inside the sensor, leading to smaller, more powerful, less expensive cameras. Valens estimates that its Total Addressable Market (TAM)
in this segment is expected to reach $460 million by 2029.
“Machine
vision is rising across a number of industries, and Valens is well positioned to capture a significant market share with two of our most
innovative chips – the VA7000 and the VS6320,” said Gabi Shriki, SVP, Head of Audio-Video Business at Valens Semiconductor.
“We look forward to seeing our chipsets enabling advanced machine vision solutions through our growing partnerships in this industry.”
Both
the VS6320 and VA7000 provide significant value for vision applications in the industrial market. Designed initially for automotive,
the VA7000 chipset is the first to comply with the MIPI A-PHY standard for high-performance sensor connectivity. A-PHY’s unique
design provides automotive-grade, high-performance connectivity and enables customers to reduce the power, size, and cost of cameras
– which are all essential for machine vision applications. The VS6320 is the first ASIC-based USB 3.2 high performance extension
solution on the market. Using the VS6320 chipset removes the key limitation of USB-based industrial cameras – their short link
distance – while maintaining all of their advantages.
Valens
has engaged with leading camera module manufacturers in industrial machine vision, and its chipsets are powering cutting-edge products
by Teledyne e2v, Airy3D, FRAMOS, D3 Embedded, Leopard Imaging, and other companies.
Teledyne
e2v supports MIPI A-PHY for its Optimom™ range of turnkey imaging modules. This option paves the way for their use in specific
MIPI applications where the vision processing unit is some distance away from the module.
“Our
Optimom modules are widely used across multiple industries, and the latest Optimom™ 5D is a groundbreaking solution that offers
both 2D and 3D vision simultaneously,” said François Trolez, Marketing Manager, at Teledyne e2v. “Valens is providing
a state-of-the-art long-distance MIPI connection, using simple, unshielded cabling. We included A-PHY as an option because of its flawless
EMC performance, as well as its recognition as an industry standard. This will ensure the reliability of the vision data, offering an
exciting proposition for our robotic and AMR focused customers and partners.”
The
new Optimom 5D module features Teledyne e2v’s Topaz5D™ image sensor and offers both 2D vision and 3D depth data outputs.
This unique 5D technology is enabled by IPs and software from Airy3D.
“Airy3D’s
DepthIQ single-sensor IP enables machine-vision applications to be realised where traditional short-range stereo and time of flight products
fall short,” said Ron Low, Sr VP Business Development and Marketing. “Partnering with both Teledyne e2v and Valens Semiconductor,
our combined solutions allow for challenges such as occlusions, changing light conditions and long reach latency to be overcome which
is an exciting development for the machine-vision industry going forwards.”
FRAMOS,
the leading global expert in embedded vision systems, has added A-PHY sensor module support to its popular FSM and FSM:GO ecosystem of
optical image sensor modules, allowing for high bandwidth, link distance and cable flexibility.
“At
FRAMOS, we take pride in providing our customers with the most advanced technologies on the market, bringing the best possible image
into the memory of the customer’s solution,” said André Brela, Product Manager at FRAMOS. “We’ve invested
in collaborating with Valens making the adopter module option with the VA7000 A-PHY chipset available to our joint customers because
of the demand we see in the market for standardized long-reach CSI-2 extension, along with the innovations enabled by this technology,
including cable length, EMC performance, and advanced link diagnostics.”
D3
Embedded, a company specializing in embedded AI imaging solutions, is integrating the VA7000 chipsets into its camera modules, allowing
for longer link distances and the use of simple, flexible cabling.
“We
were impressed by Valens’ ability to do multi-gig link speeds over unshielded cables and connectors,” said Scott Reardon,
CEO at D3 Embedded. “This is something our customers in the Industrial Vehicles and Robotics market have been looking for and it
will open the door to more optimized embedded vision solutions. We’re happy to be working with Valens to put this innovative product
in front of our customers and partners.”
Leopard
Imaging, an established supplier of high-performance machine vision cameras, is offering an A-PHY camera module tailored for industrial
applications.
“We’re
familiar with the technological advantages that Valens’ A-PHY chipsets bring through our automotive module offering,” said
Cliff Cheng, SVP of Marketing at Leopard Imaging. “A-PHY solves issues we’ve had in providing high bandwidth, long distance
connectivity will ensuring robust EMC immunity. We look forward to seeing these camera modules powering innovative, cross-market solutions.”
The
Valens’ VA7000-based solutions by Teledyne e2v, Airy3D, FRAMOS, D3 Embedded and Leopard Imaging, as well as the Valens VS6320, will be showcased at the Valens
booth (10F80) at VISION in Stuttgart, on October 8-10, 2024.
About
Valens Semiconductor
Valens
Semiconductor (NYSE:VLN) is a leader in high-performance connectivity, enabling customers to transform the digital experiences of people
worldwide. Valens’ chipsets are integrated into countless devices from leading customers, powering state-of-the-art audio-video
installations, next-generation videoconferencing, and enabling the evolution of ADAS and autonomous driving. Pushing the boundaries of
connectivity, Valens sets the standard everywhere it operates, and its technology forms the basis for the leading industry standards
such as HDBaseT® and MIPI A-PHY. For more information, visit https://www.valens.com/.
Forward-Looking
Statements
This
press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such
as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions
that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include,
but are not limited to, statements regarding our anticipated future results, including financial results, currency exchange rates, and
contract wins, and future economic and market conditions. These statements are based on various assumptions, whether or not identified
in this press release, and on the current expectations of Valens Semiconductor’s (“Valens”) management and are not
predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended
to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events
and circumstances are beyond the control of Valens Semiconductor. These forward-looking statements are subject to a number of risks and
uncertainties, including the cyclicality of the semiconductor industry; the effect of inflation and a rising interest rate environment
on our customers and industry; the ability of our customers to absorb inventory; the impact of the global pandemic caused by COVID-19
on our customers’ budgets and on economic conditions generally, as well as the length, severity of and pace of recovery following
the pandemic; competition in the semiconductor industry, and the failure to introduce new technologies and products in a timely manner
to compete successfully against competitors; if Valens fails to adjust its supply chain volume due to changing market conditions or fails
to estimate its customers’ demand; disruptions in relationships with any one of Valens’ key customers; any difficulty selling
Valens’ products if customers do not design its products into their product offerings; Valens’ dependence on winning selection
processes; even if Valens succeeds in winning selection processes for its products, Valens may not generate timely or sufficient net
sales or margins from those wins; sustained yield problems or other delays in the manufacturing process of products; our ability to effectively
manage, invest in, grow, and retain our sales force, research and development capabilities, marketing team and other key personnel; our
ability to timely adjust product prices to customers following price increase by the supply chain; our ability to adjust our inventory
level due to reduction in demand due to inventory buffers accrued by customers; our expectations regarding the outcome of any future
litigation in which we are named as a party; our ability to adequately protect and defend our intellectual property and other proprietary
rights; the market price and trading volume of the Valens ordinary shares may be volatile and could decline significantly; political,
economic, governmental and tax consequences associated with our incorporation and location in Israel; and those factors discussed in
Valens’ Form 20-F filed with the SEC on February 28, 2024 under the heading “Risk Factors,” and other documents of
Valens filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking statements. There may be additional risks that Valens does not presently
know or that Valens currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Valens’ expectations, plans or forecasts of future events and views
as of the date of this press release. Valens anticipates that subsequent events and developments may cause Valens’ assessments
to change. However, while Valens may elect to update these forward-looking statements at some point in the future, Valens specifically
disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Valens’ assessment
as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking
statements.
Press
Contacts
Yoni
Dayan
Head
of Communications
Valens
Semiconductor Ltd.
Yoni.dayan@valens.com
Pat
Burek
Senior
Vice President
Financial
Profiles, Inc.
pburek@finprofiles.com
Investor
Contacts
Michal
Ben Ari
Investor
Relations Manager
Valens
Semiconductor
michal.benari@valens.com
Lisa
Fortuna
Senior Vice President
Financial Profiles, Inc.
lfortuna@finprofiles.com
3
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