NCN "Beidas Signs Supply Contract for AI-Based Autonomous Parking Assistance Solution with Chinese Battlefield Company"

[Asia Economy Reporter Hyunseok Yoo] NCN announced on the 19th that its subsidiary Beidas has signed a software supply contract for an Automatic Parking Assistant (APA) solution with China's IS Electronic Technology.

IS Electronic Technology was established in 2015. It is rapidly growing in various electronic components fields such as hardware, software, system development, vehicle safety systems, vehicle electronic control, and autonomous driving. IS Electronic Technology currently supplies major automotive OEMs including Shanghai Volkswagen, FAW (First Automobile Works)-Volkswagen, Shanghai GM, SAIC (Shanghai Automotive) Motor, and Fujian Benz.

The technology that Beidas supplies to IS Electronic Technology is DeepSV™. DeepSV™ is an AI (Deep Learning) technology that Beidas developed by integrating its Surround View technology with the ability to detect pedestrians, vehicles, bicycles, and parking spaces around the vehicle during parking using only cameras, and notify the driver. This enables drivers to park more safely. According to the company, the technology that enables autonomous parking using only cameras was first developed domestically by Beidas.

IS Electronic Technology plans to deliver parking systems using Beidas technology to major Chinese automakers starting in the first half of next year. In this case, Beidas is expected to generate royalty revenue from the first half of next year.

Lee Junseok, CEO of Beidas, said, "Through this APA solution supply contract with IS Electronic Technology, we have established ourselves as a leading supplier in the Chinese commercial vehicle ADAS market. This contract signifies an expansion of our sales scope from the existing SVM-only sales to the evolved DeepSV™ solution, and we will steadily increase sales volume in the Chinese market going forward."