Through its acquisition of GEO, a private fabless semiconductor supplier, indie will be able to add immediate scale to its Image Processing programme and provide true sensor fusion of Radar, LiDAR, Ultrasound and Computer Vision solutions in advanced driver-assistance systems (ADAS) applications.
The company said that the transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
Underpinned by 100 global patents, GEO’s camera-based sensing and viewing capabilities are being used by some of the largest automotive OEMs including Honda, Hyundai, Kia, Nissan and Toyota. The company’s design wins are spread across more than 20 Tier 1s and 400 car models, and it has programmes with every major image sensor supplier and is engaged in multiple EV and autonomous vehicle programmes.
Image processing systems are playing an important role in ADAS applications with more than 20 cameras on board next generation vehicles providing a range of functions from object and lane detection, to surround view, night vision and driver and occupant monitoring.
Collectively, these functions are enabling key use cases such as lane change assist, highway pilot, e-mirror, blind spot detection, occupant safety, automated parking and higher levels of driver automation. Given the increasing attach rate of cameras around the vehicle, IHS is forecasting 265 million camera ECUs will be needed to support the global automotive market in 2023, growing to 430 million units by 2028 and creating an $8.5 billion total addressable semiconductor market.
GEO’s products comprise three generations of application specific camera video processors, including those focused on viewing, where video is projected on a display and viewed by the driver, and sensing, where video is processed using advanced computer vision and machine learning algorithms to assist the driver. The ability to support both of these key categories will allow indie to deliver solutions in applications ranging from simple backup cameras to full Autonomous Driving platforms.
“It’s rare that acquisition targets are a perfect fit, but this is indeed the case with GEO. Camera processing is at the core of the majority of use cases within ADAS applications. indie’s acquisition of GEO Semiconductor immediately rounds out our Computer Vision product portfolio with field-proven, differentiated solutions, enabling us to capitalise on the rapid proliferation of automotive image processors.
“At a higher level, GEO is complementary in terms of products, customers and global sales channels while, at the same time, highly synergistic operationally with massive cross selling opportunities,” said Donald McClymont, indie’s co-founder and CEO. “Further, this acquisition completes our sensor fusion mosaic spanning Radar, LiDAR, Ultrasound and Computer Vision, bringing us a major step closer towards realising our strategic vision of enabling the ‘uncrashable’ car and creating an Autotech powerhouse.”
The deal to acquire GEO is said to be worth in the region of $180m.
