TEL AVIV, Israel and
HOUSTON, May 4, 2021 /PRNewswire/
-- Arbe, a global leader in next-generation 4D
Imaging Radar Solutions, today announced its leading 4D
Imaging Radar Solution with 2K
resolution is now available on the open NVIDIA DRIVE platform.
Arbe's imaging radar availability aims to accelerate the
development of autonomous vehicles. By allowing leading OEMs and
Tier 1 suppliers to access the 4D imaging radar data on
NVIDIA's AV platform, Arbe's solution can serve as the basis for
advanced safety applications, sensor fusion, and perception
algorithm development.
NVIDIA DRIVE is a scalable, software-defined, end-to-end AI
platform for the transportation industry, delivering the computing
horsepower and software necessary for highly automated and
autonomous driving. Hundreds of companies around the world are
developing on NVIDIA DRIVE, including auto- and truck makers, Tier
1 suppliers, robotaxis, sensor and mapping companies and AV
startups.
Arbe has developed the world's first radar to separate, track,
and identify objects in 2K ultra-high
resolution in both azimuth and elevation via a proprietary chipset
with the highest channel count in the industry and a dedicated
radar processor. Arbe's solution provides detection of stationary
and moving objects in any weather or lighting condition, providing
safety to pedestrians, cyclists, and others, while also eliminating
false alarms. The 4D Imaging Radar Solution also provides advanced
long-range perception capabilities with a wide field of view.
"We are excited to be part of NVIDIA's ecosystem of partners --
providing access to our 4D Imaging Radar to the world's most
forward-thinking automakers developing on NVIDIA DRIVE," says Ram
Machness, Chief Business Officer of Arbe. "The availability of Arbe
on NVIDIA's platform will expedite the development of safety
features for ADAS applications and autonomous vehicles, and provide
a platform for sensor fusion development."
"OEMs and Tier-1 suppliers will now benefit from Arbe's 4D
Imaging Radar solution as part of the NVIDIA DRIVE ecosystem," says
Rammy Bahalul, director of autonomous machines and vehicles at
NVIDIA. "With Arbe's advanced sensing, our customers have access to
enhanced levels of safety and paradigm-changing perception
algorithms for their vehicles."
Arbe recently revealed plans to go public through a SPAC merger
with Industrial Tech Acquisitions, Inc (NASDAQ:
ITAC).
About Arbe Robotics, Ltd.
Arbe, a global leader in next-generation 4D Imaging Radar
Chipset Solutions, is spearheading a radar revolution,
enabling truly safe driver-assist systems today while paving the
way to full autonomous-driving. Empowering automakers, tier-1
automotive suppliers, autonomous ground vehicles, commercial and
industrial vehicles, and a wide array of safety applications with
advanced sensing and paradigm-changing perception. Arbe's
imaging radar is 100 times more detailed than any other radar on
the market and is a mandatory sensor for L2+ and higher autonomy.
Arbe is a leader in the fast-growing automotive radar
market that has an estimated total addressable market of
$11 billion in 2025. Arbe is
based in Tel Aviv, Israel, and has
offices in the United States.
On March 18, 2021, Arbe announced
that it had entered into, among other things, a definitive business
combination agreement with Industrial Tech Acquisitions, Inc.
(NASDAQ: ITAC), a publicly traded special purpose acquisition
company ("ITAC"). Subject to the satisfaction of the terms and
conditions set forth in the business combination agreement, upon
closing of the transactions, the combined company will operate
under the "Arbe Robotics Ltd." name and is expected to be listed on
Nasdaq under the new ticker symbol "ARBE".
About Industrial Tech Acquisitions, Inc
("ITAC")
ITAC is a blank check company formed for the purpose of entering
into a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination with one or more businesses or entities. ITAC is
sponsored by Texas Ventures, a leading technology and venture
capital firm with expertise in capital markets and structured
finance. The firm provides guidance, insight and capital to assist
entrepreneurs and managers who have the desire and talent to build
exceptional companies. The Texas Ventures' approach is to identify
emerging trends and opportunities prior to recognition by the
broader marketplace, and to take a proactive approach in working
with entrepreneurs and managers who have the determination to build
world-class companies.
Important Notice Regarding Forward-Looking
Statements
This press release contains certain "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, both as amended by the Private Securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including statements about Arbe and NVIDIA and the
transactions contemplated hereunder, and the parties' perspectives
and expectations, are forward looking statements. Such statements
include, but are not limited to, statements regarding the proposed
partnership between Arbe and NVIDIA , expected growth opportunities
for Arbe, anticipated future financial and operating performance
and results attributable therefrom, and the expected timing of the
implementation of the partnership. The words "expect," "believe,"
"estimate," "intend," "plan", "anticipate", "project", "may",
"should", "potential" and similar expressions indicate
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to various
risks and uncertainties, assumptions (including assumptions about
general economic, market, industry and operational factors), known
or unknown, which could cause the actual results to vary materially
from those indicated or anticipated.
Such risks and uncertainties include, but are not limited to,
risks related to: (i) the expected timing and likelihood of the
generation of revenue from the NVIDIA DRIVE platform; (ii) the
occurrence of any event, change or other circumstances that could
affect Arbe's use of the NVIDIA DRIVE platform; (iii) costs related
to the making Arbe's products accessible through the NVIDIA
DRIVE platform; (iv) the occurrence of a material adverse change
with respect to the financial position, performance, operations or
prospects of Arbe or NVIDIA ; (v) the disruption of Arbe
management time from ongoing business operations or performance of
the units to be sold through the NVIDIA DRIVE platform; (vi)
changes in applicable laws or regulations, including laws and
regulations affecting the market for Arbe's products; (vii) the
possibility that Arbe may be adversely affected by other economic,
business, and/or competitive factors, or the continuing effects of
the COVID-19 pandemic, the worsening thereof or other future
pandemics; (viii) risks related to the matters set forth in the
Staff Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies, issued by
the Division of Corporate Finance of the SEC on April 12, 2021 and costs related to such matters,
and (ix) other risks and uncertainties, including those to be
identified in the proxy statement/prospectus (when available)
relating to the proposed business combination between ITAC and
Arbe, including those under "Risk Factors," "Cautionary Notes
Concerning Forward-Looking Statements" and "Arbe Management's and
Analysis of Financial Conditions and Results of Operations"
therein, and in other filings with the Securities and Exchange
Commission ("SEC") by ITAC or Arbe. Arbe cautions that the
foregoing list of factors is not exclusive. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements. Forward-looking
statements relate only to the date they were made, and Arbe
undertake no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
ADDITIONAL INFORMATION
General
Arbe intends to file with the Securities and Exchange Commission
(the "SEC") a Registration Statement on Form F-4 (as
amended, the "Registration Statement"), which will
include a preliminary proxy statement of Industrial Tech
Acquisitions, Inc., a Delaware
corporation ("ITAC"), and a prospectus in connection
with the proposed business combination (the
"Transaction") involving Arbe, ITAC and Autobot
MergerSub, Inc., a Delaware
corporation and a wholly owned subsidiary of Arbe ("Merger
Sub"). The definitive proxy statement and other relevant
documents will be mailed to stockholders of ITAC as of a record
date to be established for voting on the Transaction and related
matters. Stockholders of ITAC and other interested persons are
advised to read, when available, the preliminary proxy statement,
and amendments thereto, and the definitive proxy statement in
connection with ITAC's solicitation of proxies for the special
meeting of its stockholders to be held to approve the Transaction
and related matters because these documents will contain important
information about ITAC, Arbe, Merger Sub and the Transaction.
Stockholders of ITAC will also be able to obtain copies of the
Registration Statement and the proxy statement/prospectus, without
charge, once available, on the SEC's website at www.sec.gov or by
directing a request to ITAC by contacting E. Scott Crist, Chief Executive Officer, c/o
Industrial Tech Acquisitions, Inc., 5090 Richmond Avenue, Suite
319, Houston, Texas 77056, at
(713) 599-1300 or at scott@texasventures.com.
Participants in the Solicitation
ITAC, Arbe and certain of their respective directors, executive
officers, other members of management and employees, under SEC
rules, may be deemed to be participants in the solicitation of
proxies from the shareholders of ITAC in favor of the approval of
the Transaction. Stockholders of ITAC and other interested persons
may obtain more information regarding the names and interests in
the Transaction of ITAC's directors and officers in ITAC's filings
with the SEC. Additional information regarding the interests of
such potential participants will also be included in the
Registration Statement and other relevant documents when they are
filed with the SEC. Free copies of these documents may be obtained
at the SEC's website,
https://www.sec.gov/edgar/searchedgar/companysearch.html, or as
provided in the preceding paragraph.
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SOURCE Arbe