With a Signed LOI, Terranet Joins Forces with AFRY to Secure Their Role in the Autonomous Driving Industry
Lund, Sweden, November 13, 2020 – Terranet AB (Terranet/the Company), (Nasdaq: TERRNT-B.ST), developers of advanced driver-assist systems and the creators of breakthrough 3D motion awareness technology VoxelFlow, today announced their upcoming partnership with leading Swedish-Finnish consulting and engineering firm, AFRY (previously ÅF).
The signed LOI will cement Terranet’s and AFRY’s long-standing partnership, with the specific mandate of promoting advanced engineering services within 3D motion perception, advanced driver assistance systems (ADAS) and autonomous driving. Terranet’s deep knowledge in 3D motion perception stems from their existing product, VoxelFlow, a technology positioned to be the future of autonomous driving with its ability to classify dynamic moving objects at extremely low latency using very low computational power. VoxelFlow’s rapid edge detection will provide automotive brands a superior alternative to today’s camera-based computer vision and artificial intelligence navigation systems, which are too slow and subject to fundamental speed limits of perception with their frame-based approach.
“We have worked with AFRY for many years, using their high-caliber engineering services both within the field of connectivity and onwards computer vision development,” said Terranet CEO Pär-Olof Johannesson. “We are excited to formalize this relationship as we continue to make strides in the autonomous driving space.”
As one of Sweden’s and Europe’s marquee design-houses within the automotive industry, the partnership will continue to help AFRY expand their reach into additional markets, while providing Terranet with top-notch marketing and sales expertise.
”We see a strong demand for autonomous systems from various business segments and Terranet’s expertise is exactly right for this development. We at AFRY are proud and happy to announce a long-term and in-depth cooperation, which will enhance future possibilities for both parties,” says Jonas Larsson, Business Area Manager, Connected Products at AFRY.
By combining assets on sales and marketing, Terranet and AFRY will leverage their respective synergies with the joint strategic objective to grow its business pipeline inside active safety, computer vision and automotive connectivity, paving the way for truly safe and truly autonomous driving.
For more information please contact:
Pär-Olof Johannesson, CEO
+46 70 332 32 62
TerraNet develops software for radio-based solutions and three-dimensional image analysis for advanced driver-assistance systems and autonomous vehicles (ADAS and AV). TerraNet is headquartered in Lund (Sweden) with development sites in Kyiv (Ukraine), Stuttgart (Germany) and Los Gatos, California. TerraNet Holding AB (publ) is listed on the Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B.ST).
AFRY is an international engineering, design and advisory company. AFRY supports their clients to progress in sustainability and digitalisation. They are comprised of 17,000 devoted experts within the fields of infrastructure, industry and energy, operating across the world to create sustainable solutions for future generations.
This information is such that TerraNet Holding AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person above on November 13, 2020 at 8:30 am CET.
Certified Adviser: Mangold Fondkommission AB, 08-503 015 50, [email protected]