Vayavision receives €2.45 million from European Commission to go to market in Europe
Vayavision announced that it is the recipient of a €2.45 million SME Instrument Grant from the European Commission's European Innovation Council (EIC) to support promotion to, and penetration of, the European market.
Vayavision was selected to receive a SME Instrument Phase 2 Grant, part of the Horizon 2020 Work Programme 2018-2020. Phase 2 requests had a success rate of 3.6%.
"We are grateful to the European Commission for their support and their shared vision that our environmental perception software will improve the safety of Europe's autonomous vehicles," said Vayavision CEO and Co-founder Ronny Cohen. "This grant, which is a testament to the increasing demand for AV perception solutions in Europe, will enable us to bring our innovative offering to those at the forefront of the automotive revolution."
Vayavision’s winning proposal, "Seeing the View," details using the funding to support activities involved in bringing the company's debut perception software product, VayaDrive 2.0, to the European market, including adapting and customizing VayaDrive 2.0 in preparation for the European market, marketing and support infrastructure, training, and local European presence and support teams to assist EU-based OEMs and Tier 1s.
Debuted in January 2019, VayaDrive 2.0 is an AV perception software engine based on Vayavision's raw data fusion and up-sampling technique, computer vision, and AI tools, which are designed to create accurate and reliable 3D environmental models of the area around self-driving vehicles. The environmental model is meant to provide a rich object list on a fine grid with timing and velocity vectors. It is currently in use by leading OEMs and Tier 1 suppliers.
The EIC supports top-class innovators, startups, small companies, and researchers to scale up internationally. Between 2018 and 2020 the EIC pilot will provide €2.7 billion to breakthrough, market-creating innovations via four programs (including the SME Instrument); opportunities for networking, mentoring, and coaching; and strategic advice to upgrade the innovation ecosystem in Europe. The SME Instrument is part of the EIC pilot, providing about €1.6 billion in funding over the period 2018-2020 and available to SMEs only.