Cruise Gets $850 Million From GM
Company has burned through $8.2 billion since 2017, hopes to restart testing
There is hope for Cruise, the robotaxi company that was forced to cease operations after one of its driverless cars hit a pedestrian in San Francisco last October. That hope is coming in the form of $850 million from its parent company, GM GM 0.00%↑
GM CFO Paul Jacobson, who announced the investment at an auto industry conference in New York, said the cash infusion would help cover operating expenses as it resumes testing in several U.S. cities. This includes Houston, which will be testing the company’s autonomous vehicles. The company currently has vehicles on the road in Phoenix and Dallas.
Cruise has burned through a lot of cash—about $8.2 billion since 2017, according to published reports. Out of that staggering number, the company lost $3.48 billion in 2023.
For its part, Cruise grounded its vehicles after the San Francisco incident and made stringent safety reviews. In addition, it recalled its fleet of 950 vehicles last year to make software updates. The company has settled a lawsuit, with the woman who was hit, for $8 million.
However, top execs like co-founders Kyle Vogt and Dan Kan left the company. In addition, much of the company’s staff was laid off.
Telsa’s TSLA 0.00%↑ Elon Musk posted, in reaction to a post on X about the investment: “They are not making the right moves to succeed.”
In other autonomous vehicle news, Alphabet's Waymo said it would recall 672 of its self-driving vehicles after one of its driverless vehicles struck a utility pole in Phoenix last month, according to Reuters.
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Life360 Announces U.S. IPO Pricing, Target of Hacking
San Francisco area-based Life360 LIF 0.00%↑ last week announced the pricing of its initial public offering in the U.S. of 5,750,000 shares of common stock. The company owns Tile, which offers tracking devices with a mobile app to track people, pets and valuables.
The company, which could raise as much as $155 million through its announced $27 per share IPO price, intends to use the net proceeds for capitalization and financial flexibility. In addition, it would use the funds for general corporate purposes, including working capital, operating expenses and capital expenditures, the company said.
Life360, also publicly traded on the Australian Securities Exchange, is listed on Nasdaq with the “LIF” ticker.
The company was the target of an extortion attempt from an unknown entity after customer data was stolen from its Tile customer support platform. The stolen data includes names, addresses, phone numbers and Tile device identification numbers, said Life360, which said no credit card numbers, passwords or log-in credentials were compromised.
“We have taken and will continue to take steps designed to further protect our systems from bad actors, and we have reported this event and the extortion attempt to law enforcement. We remain committed to keeping families safe online and in the real world” said Chris Hull, Life360’s CEO, in a statement.
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Telematics Company CalAmp Declares Bankruptcy, Goes Private
Telematics company CalAmp has filed Chapter 11 bankruptcy as part of a debt-cutting deal that places control of the company with lender Lynrock Lake Master Fund LP.
The company estimated that while its assets were about $281.2 million—it’s liabilities totaled $355.4 million. The company was worried about being delisted from Nasdaq as it shares plummeted 54 percent this year as of May 31 close, according to published reports.
Irvine, Calif.-based CalAmp, which traded under the CAMP ticker, cut a restructuring deal with Lynrock to swap $229 million in secured notes for 100 percent of the equity in the new entity. The company said it would go private when the restructuring was complete.
CalAmp, which was a major fleet tracking/location industry player for decades, had seen its net profit decrease in recent years. According to published reports, its Nasdaq stock price reached a high of $987.56 per share on July 14, 2000. That stock was at 40 cents per share at closing on June 11—it was officially delisted on June 12.
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u-blox Launches AoA Solution for Indoor Asset Tracking
Targeting real-time location system (RTLS) service providers and integrators, u-blox last week launched u-locate. The indoor positioning solution, based on Bluetooth LE angle-of-arrival (AoA), delivers positioning accuracy levels down to 10 centimeters, the company said.
The company said the targeted RTLS and systems integrators have tracking applications for warehousing, manufacturing, healthcare and other use cases. The product’s AoA positioning offers Bluetooth 5.1 technology with low power consumption and increased battery life, the company said.
U-locate also consists of positioning middleware (u-locateHub), a positioning engine (u-locateEngine), anchor points (u-locateAnchor) and tags (u-locateTag). It can be integrated with u-blox’s GNSS products for indoor and outdoor localization, the company said.
U-locateHub complies with the omlox global interoperability standard and its well-documented API platform contains various APIs, supporting integration with multiple vendor solutions, the company said.
Other Location News
News tip? Send them to kdennehy@driverlessreport.com. Go to www.locationbusinessnews.com for more news and an archive of stories. Location Business News is looking for your company’s product use cases to feature in each issue. Send us five paragraphs and an image/photo for consideration. Include a contact name, phone, email and web address.
Top News:
📌 Politico: Interview with Steve Poizner, oneNav CEO. “Can’t teach an old GPS new tricks.”
👍 Amazon Gets FAA Approval to Fly Drones Out of Line of Sight. “Amazon AMZN 0.00%↑ announced federal regulators approved its delivery drones to fly longer distances without the need for ground spotters, which will allow the company to expand its delivery program.”
🤞 Unabiz Adds AI To Boost Wi-Fi Positioning on Sigfox Iot Trackers. “Sigfox operator KYOCERA Communication Systems has claimed a jump from 62 percent to 92 percent in its Wi-Fi geolocation hit rate on Sigfox-based trackers in Japan.”
🛰 France-Based Kinéis Set to Launch 25 IoT Satellites in the Eight Months. “The firm wants its new satellite constellation to provide global IoT connectivity for remote applications in the logistics industry, mainly.”
💲 Global Bids Invited for Satellite-Based Road Toll Collection System. “The government has invited initial bids or Expression of Interest (EoI) from companies in India and abroad to implement GNSS-based Electronic Toll Collection (ETC).
🏔 Shakealert Earthquake Warning System Now Uses Gps Data To Determine Magnitude. “By incorporating data from GPS systems and using data from 1,500 seismic sensors, scientists will be able to give people more opportunity to protect themselves - to drop, cover, and hold on.”
Maps:
🤷♂️ What Ever Happened to MapQuest? “In 2019, MapQuest was sold to ad-tech company System1, which operates it to this day.”
🗺 Google Maps 2.0: Google Develops "Smart" Alternative Route Feature to Avoid Traffic. “If the new engine goes live, Google Maps would be able to look up the destination, determine more information, estimate the likelihood of heavy traffic, and generate alternative routes accordingly.”
🤔 Google Maps vs. Apple Maps: Their Strengths and Weaknesses. “Apple's marketing department excels at making a big deal out of the privacy offered to users, and Apple Maps is one of the services that are part of this strategy. Google is known as a company that collects all the data it can get, so Apple Maps wins this chapter.”
😮 7 Problems I Wish Google Maps Would Fix To Make the Service Better. “Google Maps has a busy and cluttered interface. This is a complaint people have had for years, yet Google only seems to add to it.”
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Connected and Autonomous Vehicles:
🚘 Chinese EV Makers, and Their Connected Vehicles, Targeted by New House Bill. “The bill, introduced by U.S. Rep. Elissa Slotkin, comes as the trade war between the U.S. and China heightens in the aftermath of the Biden administration’s decision to quadruple import duties on Chinese electric vehicles to 100 percent.”
🚗 Nissan Self-Driving Cars Hit the Road in Japan. “Japanese automaker Nissan has showcased its in-house developed self-driving tech as part of its plan to provide autonomous mobility services by 2027.”
🏎 MSU Joins Indy Autonomous Challenge, Partners With Milan Team.
🚦 Amazon's Robotaxi Unit Zoox To Begin Testing in Austin, Miami. “Zoox said it plans to start testing its autonomous vehicles in Austin, Texas, and Miami, a move that would mark its first trial sites outside the western United States.”
🙁 Feds Tell Zoox To Send More Info About Autonomous Vehicles Suddenly Braking.
Fleet:
🚛 Lytx's 2024 "State of the Data" Report Highlights Increased Road Risks and Key Safety Trends. “Lytx's 2024 ‘State of the Data’ report was developed using its global driving database, which includes 3.4 million drivers across 89 countries.”
👌 Geotab Introduces All in One Video Telematics Plan with Zero Upfront Cost.
⚡ Teletrac Navman Launches Electric Fleet Transition Platform for "Overwhelmed" Operators.
🚍 AirIQ Expands Reach with Strategic Partnership with Teltonika.
🚚 Bridgestone Highlights Role of Telematics and Data for Fleet Management in the MEA Region.
Drones:
🛩 IAI Unveils Compact Jam-Resistant GNSS System for Aerial Platforms. “Compact ADA employs adaptive processing techniques to overcome a variety of GNSS interference and jamming.”
🌍 Dumb Drones Set To Become Smart With a World First in Navigation Technology.
Financial:
✔ Tenderd Raises $30M to Enhance AI-Powered Telematics Platform for Industrial Operations.
🤔 Samsara Stock Drops Despite Earnings Beat, Guidance Boost.
✔ Ituran Presents First Quarter 2024 Results.
Location Industry Briefs
Send your news releases to kdennehy@driverlessreport.com. Go to www.locationbusinessnews.com for more news and an archive of stories.
Miovision Selects TomTom to Power Traffic Signal Solutions
TomTom [TOM2] has been selected by Miovision to improve signal analytics and in-vehicle solutions with traffic data and real-time/historic traffic flow information. Miovision will use TomTom’s Junction Analytics product, that determines the number of vehicles passing through an intersection, with such products as Audi Traffic Light Information.
In other company news, TomTom said its location data has been selected by Moody’s to allow organizations to make decisions. Moody’s is using TomTom’s data in its Insurance Geocoder, using location information to improve the accuracy and relevance of geocoding analysis in the insurance, financial, real estate and other industries.
Contact: TomTom, www.tomtom.com.
Swift Navigation Says Locosys Joins Partner Program, Partners With ArduSimple
Swift Navigation has announced that GNSS module manufacturer Locosys has joined its partner program. The company also said that ArduSimple will bundle three evaluation kits with a six-month free trial of Swift’s Skylark Precise Positioning Service.
The company also announced that Amazon Web Services is helping to support Skylark, which achieved ISO 26262 certification.
Contact: Swift Navigation, www.swiftnav.com.
Thales, Spire Global and ESSP to Develop a Space-Based ATS Service
Thales, Spire Global SPIR 0.00%↑ and European Satellite Services Provider (ESSP) have signed a deal to provide a range of global satellite-based surveillance services to the air traffic management (ATM) industry and broader aviation market. These services will be powered by a constellation of over 100 satellites collecting Automatic Dependent Surveillance-Broadcast (ADS-B) messages broadcast from aircraft and transmitting the data back to Earth in real time. Thales will provision the ground air traffic management system and the service supervision infrastructure.
Contact: Kristina Spychalski, Spire Global, comms@spire.com.
Telenav Chooses Iteris’ ClearData Solution to Enhance Navigation Applications
Iteris $ITI has announced that Telenav has chosen ClearData solution for traffic and travel information. ClearData aggregates and validates proprietary mobility data such as incident, speed and connected vehicle probes, the company said. Telenav is leveraging ClearData to help inform and coach drivers in its Scout Maps application.
Contact: Breanna Wallace, Iteris, (949) 996-5348, brwallace@iteris.com, www.iteris.com.
BAE Systems Unveils NavStorm-M at JNC
At the Joint Navigation Conference in Cincinnati last week, BAE Systems unveiled NavStorm-M, a gun-hardened integrated anti-jamming and GPS receiver for artillery, bombs, missiles, and unmanned systems. NavStorm-M features beamforming, anti-spoofing, resiliency, and software assurance.
NavStorm-M is an assured-positioning, navigation and timing (A-PNT) device featuring M-Code GPS technology. Production of NavStorm-M will take place at BAE Systems’ engineering and manufacturing center in Cedar Rapids, Iowa.
Contact: Shelley Walcott, BAE Systems, (603) 508-9107, shelley.walcott@baesystems.us, www.baesystems.com/us.
VIAVI Introduces L- and Ku-band, GNSS-Independent UTC Timing Services
Viavi Solutions VIAV 0.00%↑ has launched its altGNSS GEO SecureTime services that deliver nanoseconds-accurate UTC timing via L-Band and Ku-Band satellite signals. Use cases include 5G networks, transportation, data centers, smart grid, high-frequency trading, military and first responder communications, and satellite terminals. VIAVI's altGNSS GEO service is extremely difficult to jam or spoof with high coverage, the company said.
Contact: Martin Smith, for VIAVI, viavi@sonuspr.com.
Safran Federal Systems Announces Dual-Frequency Navigation Warfare Simulator
Safran Federal Systems launched the BroadSim Duo at the recent Joint Navigation Conference. Key features include dual-frequency capability, compact form factor, and a new software-defined radio.
BroadSim Duo also integrates with the Skydel simulation environment for versatility and functionality, the company said.
Contact: Rachael Smith, (614) 736-3736, rachael.smith@safranFS.com, www.safranfederalsystems.com.
Spirent Accepting Orders for Certified Xona PULSAR Production Signals Simulator
Spirent has implemented Xona Space Systems’ PULSAR production signals for integration into the existing SimXona product line. The companies say that the PULSAR X1 production signal implementation has passed a Xona certification. The PULSAR X5 signal verification process is currently underway and expected to pass certification during the summer of 2024.
Contact: Jessica Hulsey, Xona Space Systems: jessica@xonaspace.com.
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Quectel Rolls Out IoT Modules
Quectel Wireless Solutions has launched five IoT modules, including the FCS866R and FCE863R Wi-Fi 6 and Bluetooth 5.2 modules. The FGS061N is housed in an LGA package.
The FC906A is packaged in LCC format and designed for establishing both WLAN and Bluetooth connections. The FCS945R is a dual band Wi-Fi 4 and Bluetooth 5.2 module designed for WLAN and Bluetooth connections.
Contact: Quectel, media@quectel.com, www.quectel.com.
Wialon Launches IoT Project Competition
Wialon has launched its 4th IoT Project of the Year competition, which aims to recognize and showcase the most innovative fleet telematics and IoT projects worldwide, the company said. Wialon organizes the awards to promote the use of modern tools to solve various business needs across key industries, the company said.
Service providers of any scale, country or industry who have implemented projects for clients in fleet management using telematics and IoT technologies from the beginning of 2023 to April 30, 2024, are invited to submit their projects. Entries are free and can be submitted online until Aug. 2, 2024.
Contact: Kristina Kryuchkova, Wialon, k.kryuchkova@wialon.com, www.wialon.com.
Verizon Connect Wins Award for Fleet Management and Asset Tracking
Verizon Connect VZ 0.00%↑ was named the winner of a Silver Stevie Award in the transportation category of the 22nd Annual American Business Awards. Verizon Connect was recognized by making significant strides in fleet management and asset tracking through innovative solutions in 2023, the company said. These include Video Coaching, EV Suitability Tool, and Equipment Asset Tracker.
Contact: Tessa Giammona, Verizon Connect, tessa.giammona@verizon.com.
DPL Telematics Launches AssetView Stealth Tracking System
DPL Telematics has launched its AssetView Stealth tracking system for wireless monitoring and remote tracking of any powered or unpowered asset. The company says the new product will improve logistics, manage inventory and curb theft.
The portable GPS unit is completely self-contained and may be hidden on any asset, installing in seconds, the company said. The portable AssetView Stealth tracking system is the industry's first battery powered GPS tracking with integrated tamper detection, and adaptive tracking for long battery life, the company said.
Contact: Tony Nicoletti, DPL Telematics, (650) 965-1636, 378969@email4pr.com, www.dpltel.com.
People
HERE Technologies has appointed Denise Doyle as chief product officer (CPO). Doyle previously held the position of chief data officer at HERE.
Navenio has named Paul Hart as CFO and vice president of engineering.
Cambridge Mobile Telematics has named Marco Amendolagine as head of product and Valerio Castellana as sales director.
Adam Fletcher has been named senior business development manager for Europe, the Middle East, and Africa at GEOTAB.
Mike Provo has been named inside sales representative at Hexagon's Autonomy & Positioning division.
Jobs
Careers. Mappedin.
Careers. TomTom.
Business Development Manager (Contract) - Canada, USA, Europe or South America. Rx Networks.
GNSS Reference Network Coordinator. Swift Navigation.
GNSS Systems Engineer (Canada). Xona Space Systems.
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