[Asia Economy Reporter Hyunseok Yoo] Pinetec is teaming up with a global touchscreen specialist to secure a leading position in the rapidly growing post-COVID-19 era market for ‘touchless’ sensor systems.
Pinetec announced on the 18th that it has signed a business cooperation agreement related to touchless sensor systems with Neonode, a Nasdaq-listed company in the United States.
In September, Pinetec secured investment funds for research and development (R&D) and demo line establishment of touchless sensor systems through the issuance of convertible bonds (CB). Through technology sharing and collaboration with Neonode, Pinetec’s progress in the touchless system business is expected to accelerate.
Pinetec and Neonode had previously signed a business cooperation agreement for the touch sensor business last year. With this additional contract, the scope of collaboration will be expanded to the touchless sensor system business, and the company expects synergy in Pinetec’s new growth engine, the touchless business.
Kang Won-il, CEO of Pinetec, said, “Strengthening cooperation with Neonode will enable Pinetec’s touchless sensor system to provide a more upgraded solution.” He added, “Currently, the supply performance of touch system modules for electronics such as home appliances and components like digitizers is steadily increasing, and the company’s accumulated touch solution manufacturing technology is being recognized as product competitiveness in the market.” He further stated, “In particular, through its subsidiary in Vietnam, cost reduction and stable product production are possible, so we expect to launch a touchless sensor system that secures both technological and cost competitiveness in the market.”
Pinetec anticipates continuous expansion of demand in the touchless market as the cycle of global variant virus outbreaks shortens. This is because the COVID-19 pandemic has brought significant changes to modern life, requiring a new paradigm shift in the medical and quarantine systems.
Although global pharmaceutical companies are gathering expectations for successful development of new coronavirus (COVID-19) vaccines, the number of confirmed cases worldwide continues to surge. The company explains that due to the prolonged COVID-19 situation, changes in people’s hygiene and quarantine awareness, and advancements in cutting-edge technology, the market outlook for touchless technology is bright.
Urban Forssell, CEO of Neonode, said, “We are pleased to strengthen our partnership with Pinetec to lead markets requiring touchless sensor systems such as elevators and interactive kiosks through this contract.” He added, “Through the ongoing business cooperation since last year, we expect to create good synergy in the future touchless sensor system business.”
Meanwhile, Neonode is an optical sensor and motion control solution specialist holding over 120 patents and doing business with numerous Fortune 500 companies across industries including home appliances, medical, aviation, electronics, and automotive.
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