Artificial Intelligence

View Announces Q2 2023 Earnings

Published

10 months ago

August 10, 2023

Management forecasts to reach gross margin positive in Q3 2023
Term sheet executed with lead investor for up to $150 million secured debt facility

Q2 2023 Financial Highlights

Revenue Growth: Q2’23 revenue of $28 million grew 72% year-over-year compared to $16 million in Q2’22.
Gross Margin Improvement: Higher quality revenue, lower fixed costs, improved factory efficiencies, favorable mix, and product cost reductions all drove improving margins y/y:
- Gross loss improved from ($23 million) in Q2’22 to ($14 million) in Q2’23.
Reduction in Operating Expenses: 2022 and 2023 cost reductions resulted in:
- R&D expense declined by 54% y/y from Q2’22 to Q2’23.
- SG&A expense declined by 42% y/y from Q2’22 to Q2’23.
Continued Progress to Profitability: Revenue growth, improving gross margins, and lower operating expense resulted in:
- Loss from operations improved from ($85 million) in Q2’22 to ($52 million) in Q2’23.
- Non-GAAP Adj. EBITDA improved from ($61 million) in Q2’22 to ($31 million) in Q2’23.
Cash Burn Reduction: Cash used in operations improved from ($82 million) in Q2’22 to ($47 million) in Q2’23.

Outlook and Key Announcements

Reaffirming 2023 Guidance and Revenue Growth: Management reaffirms full year 2023 revenue guidance of $125 million to $150 million, which, at the mid-point, implies 36% year-over-year revenue growth.
Forecasts to Reach Gross Margin Positive in Q3’23: Management expects to achieve gross margin positive in Q3’23, a key milestone on the Company’s path to profitability.
Liquidity & Financing: To address its short-term liquidity needs, the Company continues to pursue additional sources of capital, most recently executing a non-binding term sheet with a lead investor for up to $150 million secured debt facility. Management expects the $150 million in financing will enable the Company to achieve positive cash flow with its current strategy.

MILPITAS, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) — View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building platforms and technologies, today announced financial results for Q2 2023.

“We have been laser focused on achieving profitability, and our Q2 results demonstrate that we are making significant strides. We’re equally excited that we expect to achieve gross margin positive in Q3. This is a major financial milestone for the company,” said Dr. Rao Mulpuri, CEO of View.

“I am extremely proud of the View team for their dedication to our mission and perseverance in continuing to deliver results. In a full-stack, vertically integrated business like ours, achieving gross margin positive is a critical inflection point. With a culture of customer obsession, strong product value proposition, and plenty of headroom for capacity, we are best positioned to build the business to profitability and further growth.”

Q2 2023 Results
Q2 2023 revenue of $28 million represents a 72% year-over-year increase from Q2 2022. View has completed the pivot to multifamily residential, and the multifamily vertical now represents the majority of View’s project pipeline. Q2 2023 revenue growth was primarily driven by growth in the Company’s Smart Building Platform, which is fully operational and, importantly, helps customers achieve cost parity with the recently enacted Investment Tax Credit (ITC).

Q2 2023 cost of revenues of $42 million represents a 6% year-over-year increase from Q2 2022 and demonstrates continued leverage in the business model. Cost of revenues in the quarter benefited from lower structural fixed costs which were the result of actions taken by the Company earlier in the year and favorable product mix.

Research and Development (“R&D”) expenses of $10 million in Q2 2023 represent a decrease of 54% from the same period in 2022. The decrease in R&D expenses was primarily driven by cost savings initiatives combined with the completion of R&D projects following the roll out of our Gen4 IGU and network electronics.

Selling, General and Administrative (“SG&A”) expenses of $24 million in Q2 2023 represent a 42% y/y decrease from Q2 2022, primarily due to lower legal and accounting spending on outside services for costs related to the restatement that was completed in the first half of 2022, lower Stock-Based Compensation expense, and lower sales and marketing spend resulting from cost savings initiatives, including the Company’s enhanced go-to-market strategy.

Full Year 2023 Outlook
View reaffirms full year 2023 revenue guidance in the range of $125 million to $150 million, representing 36% year-over-year growth at the midpoint of the range.

As the Company continues to execute its enhanced go-to-market strategy and realize the benefits of cost reduction actions taken over the past year, View expects continued improvement of profitability metrics in 2H 2023, including achieving gross margin positive in Q3 2023.

Liquidity and Financing
As previously disclosed, the Company has taken steps to pursue greater efficiency and lower its structural costs, which in the aggregate have resulted in approximately $45 million in annualized combined fixed cost of sales and operating expense reductions. Cash, cash equivalents and short-term investments were $80 million as of June 30, 2023, compared to $130 million as of March 31, 2023. View believes that its cash, cash equivalents and short-term investments currently available will be sufficient to fund its anticipated operating costs and obligations into, but not beyond, September 2023. This projection is based on the Company’s current expectations regarding revenues, collections, cost structure, current cash burn rate and other operating assumptions.

To address its cash needs, the Company is actively seeking additional sources of capital and is currently in discussions with potential investors. Most recently, the Company executed a non-binding term sheet with a lead investor for up to a $150 million secured debt facility.

While the Company has raised sufficient capital to fund operations in the past, there can be no assurance that the necessary additional financing will be available on terms acceptable to the Company, or at all. As there can be no assurance that such financings will be available, the Company may execute other strategic alternatives to maximize stakeholder value, including further expense reductions, sale of all or portions of the business, corporate capital restructuring or formal reorganization, or liquidation of assets.

Conference Call and Webcast Details
View will host a conference call to discuss its financial results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Thursday, August 10^th, 2023. A live webcast of the call can be accessed on View’s Investor Relations website at https://investors.view.com or through the webcast link below. An audio replay of the webcast will be available shortly after the call.

Title: View, Inc. Second Quarter 2023 Financial Results Conference Call
Date/Time: Thursday, August 10^th, 2023, at 5:00 pm ET
Participant Dial-In: +1-877-524-8416 / +1-412-902-1028
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=s0Fo8c0T

Forward-Looking Statements
This press release and certain materials View files with the U.S. Securities and Exchange Commission (the “SEC”), as well as information included in oral statements or other written statements made or to be made by View, other than statements of historical fact, contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including but not limited to statements regarding our ability to secure additional financing, our anticipated liquidity, the information contained under “Outlook and Key Announcements,” our future operations, financial performance or liquidity, and our business plan, long-term strategy and similar initiatives. These forward-looking statements are based on current expectations, estimates, assumptions, projections and management’s beliefs, that are subject to change. There can be no assurance that these forward-looking statements will be achieved; these statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond View’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. View’s business is subject to a number of risks which are described more fully in View’s Annual Report on Form 10-K for the year ended December 31, 2022, as amended, its Quarterly Reports on Form 10-Q and in its other filings with the SEC. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Financial Information; Non-GAAP Financial Measures
This press release contains certain financial information and data that was not prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP.

The Company presents these non-GAAP amounts because management believes they provide useful information to management and investors regarding certain financial and business trends relating to View’s financial condition and results of operations, and they assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis. View’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. View believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends in and in comparing View’s financial measures with those of other similar companies, many of which present similar non-GAAP financial measures to investors. View’s management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP.

However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore View’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations from GAAP to non-GAAP results are included in the financial statements contained in this release.

About View
View is the leader in smart building technologies that transform buildings to improve human health and experience, reduce energy consumption and carbon emissions, and generate additional revenue for building owners. View Smart Windows use artificial intelligence to automatically adjust in response to outdoor conditions, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to reimagine the occupant experience. View’s products are installed in offices, apartments, airports, hotels, and educational facilities. For more information, please visit: www.view.com.

For further information:
View, Inc.
[email protected]



VIEW, INC.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Revenue	$	28,034		$	16,316		$	46,382		$	33,328
Cost of revenue		41,810			39,531			82,023			80,093
Gross loss		(13,776	)		(23,215	)		(35,641	)		(46,765	)
Operating expenses:
Research and development		9,714			20,908			22,655			40,603
Selling, general, and administrative		23,511			40,755			48,911			83,714
Impairment of note receivable		4,000			—			4,000			—
Restructuring costs		1,258			—			5,507			—
Total operating expenses		38,483			61,663			81,073			124,317
Loss from operations		(52,259	)		(84,878	)		(116,714	)		(171,082	)
Interest and other expense (income), net:
Interest expense, net		3,970			69			7,131			266
Other expense (income), net		119			(187	)		281			141
Gain on fair value change, net		(6	)		(1,904	)		(513	)		(6,285	)
Interest and other expense (income), net		4,083			(2,022	)		6,899			(5,878	)
Loss before provision for income taxes		(56,342	)		(82,856	)		(123,613	)		(165,204	)
Provision for income taxes		18			30			36			54
Net and comprehensive loss	$	(56,360	)	$	(82,886	)	$	(123,649	)	$	(165,258	)

Net loss per share, basic and diluted	$	(14.11	)	$	(23.21	)	$	(31.17	)	$	(46.28	)
Weighted-average shares used in calculation of net loss per share, basic and diluted		3,994,813			3,570,886			3,966,316			3,570,711


VIEW, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)

	June 30, 2023			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	30,144		$	95,858
Short-term investments		49,824			102,284
Accounts receivable, net of allowances		36,540			42,407
Inventories		17,832			17,373
Prepaid expenses and other current assets		37,892			38,297
Total current assets		172,232			296,219
Property and equipment, net		257,307			262,360
Restricted cash		13,147			16,448
Right-of-use assets		17,070			18,485
Other assets		26,170			25,514
Total assets	$	485,926		$	619,026
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	17,345		$	21,099
Accrued expenses and other current liabilities		52,250			72,410
Accrued compensation		7,534			9,799
Deferred revenue		6,474			9,199
Total current liabilities		83,603			112,507
Debt, non-current		208,341			218,837
Sponsor earn-out liability		—			506
Lease liabilities		17,757			19,589
Other liabilities		41,356			47,095
Total liabilities		351,057			398,534
Stockholders’ equity:
Common stock		—			—
Additional paid-in capital		2,852,938			2,814,912
Accumulated deficit		(2,718,069	)		(2,594,420	)
Total stockholders’ equity		134,869			220,492
Total liabilities and stockholders’ equity	$	485,926		$	619,026


VIEW, INC.
Condensed Consolidated Statements of Cash Flow
(unaudited)
(in thousands)

	Six Months Ended June 30,
		2023			2022
Cash flows from operating activities:
Net loss	$	(123,649	)	$	(165,258	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		11,015			11,874
Gain on fair value change, net		(513	)		(6,285	)
Stock-based compensation		21,952			35,609
Non-cash interest expense		9,297			—
Impairment of note receivable		4,000			—
Other		2,893			524
Net changes in operating assets and liabilities		(32,614	)		(29,712	)
Net cash used in operating activities		(107,619	)		(153,248	)
Cash flows from investing activities:
Purchases of property and equipment		(7,240	)		(12,147	)
Purchases of short-term investments		(106,032	)		—
Maturities of short-term investments		160,133			—
Disbursement under loan receivable		(3,001	)		(1,589	)
Net cash provided by (used in) investing activities		43,860			(13,736	)
Cash flows from financing activities:
Payment of debt issuance costs		(228	)		—
Payment of other debt obligations		—			(735	)
Payments of obligations under finance leases		(269	)		(264	)
Taxes paid related to the net share settlement of equity awards		(1,293	)		—
Net cash used in financing activities		(1,790	)		(999	)
Net decrease in cash, cash equivalents, and restricted cash		(65,549	)		(167,983	)
Cash, cash equivalents, and restricted cash, beginning of period		114,165			297,543
Cash, cash equivalents, and restricted cash, end of period	$	48,616		$	129,560
Supplemental disclosure of cash flow information:
Cash paid for interest	$	131		$	39
Non-cash investing and financing activities:
Payables and accrued liabilities related to purchases of property and equipment	$	1,043		$	2,674
Common stock issued upon vesting of restricted stock units	$	3,371		$	49
Common stock issued upon conversion of Convertible Notes	$	18,000		$	—


VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands)

	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
Cost of revenue
GAAP cost of revenue	$	41,810			$	39,531			$	82,023			$	80,093
Stock-based compensation		(309	)			(345	)			(723	)			(708	)
Non-GAAP cost of revenue	$	41,501			$	39,186			$	81,300			$	79,385

Gross loss
Revenue	$	28,034			$	16,316			$	46,382			$	33,328

GAAP gross loss	$	(13,776	)		$	(23,215	)		$	(35,641	)		$	(46,765	)
Stock-based compensation		309				345				723				708
Non-GAAP gross loss	$	(13,467	)		$	(22,870	)		$	(34,918	)		$	(46,057	)

GAAP gross loss margin		(49	)	%		(142	)	%		(77	)	%		(140	)	%
Non-GAAP gross loss margin		(48	)	%		(140	)	%		(75	)	%		(138	)	%

Research and development expense
GAAP research and development expense	$	9,714			$	20,908			$	22,655			$	40,603
Stock-based compensation		(1,020	)			(1,486	)			(2,194	)			(1,555	)
Non-GAAP research and development expense	$	8,694			$	19,422			$	20,461			$	39,048

Selling, general, and administrative expense
GAAP selling, general, and administrative expense	$	23,511			$	40,755			$	48,911			$	83,714
Stock-based compensation		(9,431	)			(16,310	)			(19,035	)			(33,346	)
Non-GAAP selling, general, and administrative expense	$	14,080			$	24,445			$	29,876			$	50,368

Total operating expense
GAAP total operating expense	$	38,483			$	61,663			$	81,073			$	124,317
Impairment of note receivable		(4,000	)			—				(4,000	)			—
Restructuring costs		(1,258	)			—				(5,507	)			—
Stock-based compensation		(10,451	)			(17,796	)			(21,229	)			(34,901	)
Non-GAAP total operating expense	$	22,774			$	43,867			$	50,337			$	89,416


VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(unaudited)
(in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Net loss
GAAP net loss	$	(56,360	)	$	(82,886	)	$	(123,649	)	$	(165,258	)
Impairment of note receivable		4,000			—			4,000			—
Restructuring costs		1,258			—			5,507			—
Stock-based compensation		10,760			18,141			21,952			35,609
Gain on fair value change, net		(6	)		(1,904	)		(513	)		(6,285	)
Non-GAAP net loss	$	(40,348	)	$	(66,649	)	$	(92,703	)	$	(135,934	)

Adjusted EBITDA
GAAP loss from operations	$	(52,259	)	$	(84,878	)	$	(116,714	)	$	(171,082	)
Impairment of note receivable		4,000			—			4,000			—
Restructuring costs		1,258			—			5,507			—
Stock-based compensation		10,760			18,141			21,952			35,609
Non-GAAP loss from operations		(36,241	)		(66,737	)		(85,255	)		(135,473	)
Depreciation and amortization		5,244			5,923			11,015			11,874
Adjusted EBITDA	$	(30,997	)	$	(60,814	)	$	(74,240	)	$	(123,599	)

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DeepL announces $300 million investment at $2 billion valuation fueled by global demand for AI language solutions

Published

2 hours ago

May 22, 2024

CISION (PR Newswire)

deepl-announces-$300-million-investment-at-$2-billion-valuation-fueled-by-global-demand-for-ai-language-solutions

Index Ventures led heavily oversubscribed round with participation from late-stage investment firms ICONIQ Growth, Teachers’ Venture Growth, and more Rapid enterprise adoption of DeepL has fueled the company’s growth in 60+ global markets for 100,000+ businesses, governments, and other organizationsDeepL’s Language AI Platform for business provides category-leading AI-powered translation and writing solutions COLOGNE, Germany, May 22, 2024 /PRNewswire/ — DeepL, a leading Language AI company, today announced $300 million of investment at a $2 billion valuation. Led by Index Ventures, the heavily oversubscribed round attracted strong support from new investors, who will bring their extensive expertise, connections, and resources to support DeepL’s growth and long-term vision to transform the way companies communicate around the world. Additional late-stage investors, including ICONIQ Growth, Teachers’ Venture Growth, and others, also participated, along with existing investors IVP, Atomico, and WiL.

“We’re approaching an inflection point in the AI boom where businesses who are racing to adopt the technology begin to discern between hype versus solutions that are secure and actually solve real problems in their business,” said Jarek Kutylowski, founder and CEO of DeepL. “This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today. We’re highly focused on continued growth and innovation to expand our solutions and ensure they remain industry-leading in terms of quality, precision, and security. This will bring us closer to a future where every company, regardless of location, can operate seamlessly on a global scale with our AI.”
The new investment comes during a period of significant growth and momentum for DeepL, which has amassed a customer network of 100,000+ businesses, governments, and other organizations worldwide. This network includes Zendesk, Nikkei, Coursera, and Deutsche Bahn, who rely on its highly accurate and secure enterprise Language AI platform to deliver seamless communication, driving international growth and cost savings. In response to surging demand from global enterprises, DeepL has accelerated its expansion efforts and strategic investments into key markets over the past year. In January 2024, DeepL deepened its commitment to the U.S.—now its third largest market—by opening its first office in the region. The company continues to expand its team in the U.S. to support growing demand.
Within the last 12 months, DeepL has also substantially broadened its product offerings tailored for businesses. In April 2024, the company launched DeepL Write Pro, a writing assistant specifically tailored for business writing, powered by its own proprietary LLM technology. The company also continues to expand the range of languages supported by its platform with the recent additions of Arabic, as well as Korean and Norwegian, bringing its total number of languages to 32.
“DeepL’s runaway success is a bit of an ‘open secret’ in the business community,” said Danny Rimer, who led the investment from Index Ventures. “The company is exceptionally thoughtful about creating cutting-edge AI products that deliver real and immediate value to their customers. Jarek and the rest of the DeepL team are equally research and commercially minded – both of which are key to the company’s success.” Index Ventures is recognized for its investments in highly successful SaaS businesses like Figma, Slack, Wiz, and Scale AI.
Demand for AI solutions among global enterprises is on the rise. A recent IBM study found that 42% are already actively deploying AI and 40% are exploring its potential. Within this rapidly evolving landscape, DeepL is leading the way in applying AI to transform the $67.9 billion language industry, which is projected to grow to $95.3 billion by 2028.
Since its inception in 2017, DeepL has become the Language AI provider of choice for businesses across multiple industries including manufacturing, legal, retail, healthcare, technology, and professional services. The company’s specialized Language AI platform has become a critical investment for global businesses today, addressing a variety of communication challenges ranging from internal communications to customer support and international market expansion. Unlike general-purpose AI systems, DeepL’s cutting-edge translation and writing solutions rely on specialized AI models specifically tuned for language, resulting in more precise translations for a variety of use cases and a reduced risk of hallucinations and misinformation. In business translation and writing, accuracy is paramount, making specialized AI models the most reliable and preferred solution for language challenges.
DeepL’s Language AI platform is also proven to drive significant cost savings and efficiencies. A 2024 Forrester study revealed that the use of DeepL delivered 345% ROI for global companies, reducing translation time by 90% and driving a 50% in workload reduction, underscoring, in our opinion, the power of its platform for businesses looking to grow their revenue and enter new markets faster and at scale.
“At Zendesk we see first hand the power of infusing AI tools into customer experience, and DeepL’s industry-leading translation is a prime example,” said Adrian McDermott, CTO, Zendesk. “The ability to have accurate AI translation allows companies from startups to large enterprises the ability to scale globally, reaching prospects and existing customers in new ways. Zendesk’s open and flexible platform allows for seamless partnerships, and the tangible results we’ve seen so far from joint customers have us looking forward to continued work with DeepL.”
Looking ahead, DeepL will continue to invest in research and product innovation to strengthen its suite of leading AI communication tools for businesses. The company is also doubling down on global market expansion and talent recruitment across multiple areas including AI research, product, engineering, and GTM.

About DeepLDeepL is on a mission to break down language barriers for businesses everywhere. Over 100,000 businesses, governments and other organizations and millions of individuals in 63 global markets trust DeepL’s Language AI platform for human-like translation and better writing. Designed with enterprise security in mind, companies around the world leverage DeepL’s AI solutions that are specifically tuned for language to transform business communications, expand markets and improve productivity. Founded in 2017 by CEO Jaroslaw (Jarek) Kutylowski, DeepL today has over 900 passionate employees and is supported by world-renowned investors including Benchmark, IVP and Index Ventures.
Contact:Sebastian RiesOpeners [email protected]+49 1578 058 8488
Logo – https://mma.prnewswire.com/media/2419636/DeepL_Logo.jpg

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Hyundai Motor and Plus Announce Collaboration to Demonstrate First Level 4 Autonomous Fuel Cell Electric Truck in the U.S.

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Hyundai Motor and Plus collaboration aims to enhance road safety and freight efficiencies by demonstrating benefits of XCIENT Fuel Cell truck equipped with Plus’s Level 4 autonomous driving softwareHyundai Motor’s Class 8 XCIENT Fuel Cell truck featuring Plus’s Level 4 SuperDrive™ system is on display at the Plus ACT Expo booth (#2044)LAS VEGAS and SEOUL, South Korea, May 22, 2024 /PRNewswire/ — Hyundai Motor Company (Hyundai Motor) and autonomous driving software leader Plus today unveiled the first Level 4 autonomous Class 8 hydrogen fuel cell electric truck in the U.S. at the Advanced Clean Transportation (ACT) Expo, the largest advanced clean transportation technology and fleet event in North America.

A result of the collaboration between Hyundai Motor and Plus, Hyundai Motor’s XCIENT Fuel Cell truck, equipped with Plus SuperDrive™ Level 4 autonomous driving technology, is on display at the Plus ACT Expo booth (#2044).
The Level 4 autonomous XCIENT Fuel Cell truck is undergoing initial autonomous driving assessments in the U.S., making it the first-ever Level 4 self-driving test on a Class 8 fuel cell electric truck to take place in the country. The collaboration seeks to show that autonomous hydrogen fuel cell trucks can help make trucking safer, more efficient, and more sustainable.
“We are excited to showcase our collaboration with Plus to test Level 4 autonomous driving technology with our Class 8 XCIENT Fuel Cell truck,” said Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development at Hyundai. “Hyundai Motor has been driving the energy transition paradigm with our advanced fuel cell technologies. By adding autonomous capabilities to our world’s first mass-produced hydrogen-powered XCIENT Fuel Cell truck, Hyundai is looking forward to providing fleets and vehicle operators additional solutions that enhance road safety and freight efficiencies thanks to Plus’s industry-leading autonomous driving technology.”
First introduced in 2020, Hyundai Motor’s XCIENT Fuel Cell truck has conducted commercial operations in eight countries worldwide, establishing a successful track record of real-world applications and technological reliability.
At last year’s ACT Expo, Hyundai introduced XCIENT Fuel Cell tractor, the commercialized Class 8 6×4 fuel cell electric model, powered by two 90kW hydrogen fuel cell systems and a 350kW e-motor, providing a driving range of over 450 miles per charge even when fully loaded.
Plus’s SuperDrive™ solution is being deployed across the U.S., Europe, and Australia. The system uses a combination of cutting-edge sensors, including LiDAR, radar and cameras, to provide surround perception, planning, prediction and self-driving capabilities.
“We are thrilled to collaborate with Hyundai Motor Company on this important initiative to create more sustainable and safe transportation options. A decarbonized future with autonomous hydrogen fuel cell electric trucks that also improve safety and efficiency is one that Plus is proud to support with our cutting-edge autonomous driving technology,” said Shawn Kerrigan, COO and Co-Founder at Plus.
Hyundai Motor and Plus have released a video highlighting their collaboration, which can be seen here: https://www.youtube.com/watch?v=_d19h_v7abo.
About Hyundai Motor Company
More information about Hyundai Motor and its products can be found at: https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
About Plus
For more information, visit http://www.plus.ai/.
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Artificial Intelligence

GIGABYTE Showcases AI and User-Friendly Innovative Technology at COMPUTEX 2024

Published

2 hours ago

May 22, 2024

CISION (PR Newswire)

gigabyte-showcases-ai-and-user-friendly-innovative-technology-at-computex-2024

TAIPEI, May 22, 2024 /PRNewswire/ — GIGABYTE, the world’s leading computer brand, is poised to captivate audiences at this year’s COMPUTEX with its latest offerings. From user-friendly designs to groundbreaking advancements in AI, visitors can expect a truly immersive experience across GIGABYTE and AORUS product lines such as motherboards, graphics cards, gaming monitors, and gaming laptops. As the world enters a new era of AI, GIGABYTE’s presence at COMPUTEX hints at exciting developments in the realm of AI, promising visitors a glimpse into the future of computing.

GIGABYTE will showcase cutting-edge features across its product lineup at COMPUTEX 2024. The AI Laptops including AORUS 17X and AORUS 16X steal the spotlight with the exclusive GIGABYTE AI Nexus, featuring three functions including AI Boost, enhancing performance as per specific scenarios, AI Generator for quick startups with generative AI utilities, and AI Power Gear that intelligently conserves battery life by optimizing power consumption. Additionally, the GIGABYTE GeForce RTX 40 SUPER series graphics cards are engineered to provide intense gaming and reliable AI computing power across a diverse range of applications. Complementing these advancements, the OLED Monitor series such as AORUS CO49DQ, integrates AI algorithms to introduce OLED CARE, including six key features designed to minimize burn-in risks on OLED screens and extend the screen’s lifespan.
In terms of user-friendly designs, GIGABYTE presents innovations like the EZ-Latch and Stealth Design on motherboards, streamlining PC assembly with quick and convenient installations while ensuring a clean appearance through efficient cable management. The LCD Edge View across various components like AORUS GeForce RTX 4080 SUPER MASTER enables real-time monitoring of PC performance and customizable display options. Furthermore, the GIGABYTE Arm Edition gaming monitors are equipped with ergonomic monitor mounts designed to cater to various usage environments from PC gaming, console gaming, to even streaming media, realizing the true 4K entertainment. Within the GIGABYTE OLED Gaming Monitor series, the Tactical Switch feature optimizes gaming by instant switching to a 24-inch size, 1080p resolution with a single click, specifically designed for first-person shooter games.
Additionally, GIGABYTE is proud to showcase multiple Red Dot 2024 award-winning products, including the Z790 AORUS XTREME X, Z790 AORUS MASTER X, Z790 AORUS PRO X, X670E AORUS PRO X motherboards, AORUS FO32U2P, GIGABYTE MO34WQC2 gaming monitors, and AORUS C400 GLASS gaming chassis. For more information, please visit the official GIGABYTE website at: https://bit.ly/GIGABYTE_COMPUTEX_2024
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View original content:https://www.prnewswire.co.uk/news-releases/gigabyte-showcases-ai-and-user-friendly-innovative-technology-at-computex-2024-302148997.html