SHANGHAI — (BUSINESS WIRE) — September 17, 2019 — Dr. Liu Guoqing, founder and CEO of MINIEYE gave a speech entitled “Exploring New Business opportunities in ADAS” in 2019 NavInfo User Group as business partner and investee. Dr. Liu announced MINIEYE now has a new role as a service provider for HD map makers.
Dr. Liu started the speech with his analysis towards current trend of autonomous driving. As capital market returns to rationality, many big companies focusing on L4 autonomous driving are now shifting their attention to ADAS. Compared to high-level autonomous driving technology, ADAS is essential to driving safety despite its lower degree of automation. MINIEYE dedicates to develop sensing technology from ADAS to high-level autonomous driving, right now nearly 30 car models have been installed their ADAS product.
In April of this year, MINIEYE closed its Series B financing led by the funds of Navlnfo, announcing the two parties will start business cooperation on HD maps. According to Dr. Liu, their cooperation is exactly based on MINIEYE’s ADAS products.
Dr. Liu introduced in his speech that data collecting and data updating are two key process of producing HD maps. MINIEYE designs a lightweight device for map data collection which enables the stability of data collection in different light conditions. Meanwhile, the considerable installment amount of ADAS products in both OEM market and Aftermarket makes it possible for MINIEYE to provide data updating service for HD map.
As most HD map makers use crowdsourcing for data updating, Liu said that vehicles installed with MINIEYE’s ADAS products are now travelling for 26 million kilometers a day on average in 30 provinces of China, making MINIEYE a reliable partner of NavInfo.
While exploring business opportunities in ADAS market, MINIEYE finds more possibilities in its business model. Compared to merely selling products or services, MINIEYE realizes data collected by ADAS products also have great potential in business value.
According to Dr. Liu, although ADAS products are the cornerstone of MINIEYE, the company is well prepared to become a provider of data collection and updating service for HD map makers.