STOCKHOLM, Dec. 6, 2023 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON) has been awarded by a leading commercial vehicle OEM to supply Driver Monitoring System (DMS) software to the OEM's global range of commercial vehicles. Neonode will provide a bespoke solution based on its proprietary MultiSensing platform. Neonode will receive licensing revenues from 2025 when the first vehicles equipped with Neonode's solution reach the market. The program will also generate non-recurring engineering revenues for Neonode during the coming years.
"We are honored and proud to have been selected as a partner to this commercial vehicle OEM and look forward to cooperating with them in developing and launching safety-enhancing and value-adding driver and in-cabin monitoring systems for many years to come. This is a breakthrough win for Neonode and our MultiSensing technology for commercial vehicle applications, where reliability and quality standards are of utmost importance. We will build on this to expand our driver and in-cabin monitoring business in both the commercial vehicle segment and in the light vehicle and passenger car segment in the coming years," said Urban Forssell, CEO Neonode.
The global DMS market is already a multi-billion dollar market and is expected to grow significantly the next ten years driven by legislation and other initiatives to improve traffic safety. The DMS software market alone is expected to become a multi-hundred million dollar per year market and Neonode's aim is to win a significant portion of this and establish itself as a leader in this segment.
Neonode's MultiSensing platform supports controlled and efficient development of value-adding driver and in-cabin monitoring features that can be seamlessly deployed in new vehicles as well as in vehicles already in use. This advanced and scalable platform utilizes the power of machine learning and takes a holistic approach to the driver and in-cabin monitoring task and uses a large number of different sensor inputs and data when assessing the situation inside the vehicle, which makes Neonode's solution uniquely flexible with superior performance and robustness.
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