Miami, Florida--(Newsfile Corp. - November 20, 2023) - SaverOne (NASDAQ: SVRE) In-Cabin Driver Distraction Prevention Solution (DDPS) is more than a technology; it can be a lifesaver, explicitly designed to address distracted driving in real time. According to Soulstring Media, the technology may have been able to help save some of the approximately 3,500 lives lost from the over 1.6 million accidents caused by distracted driving in 2021, those being the most recent statistics available.
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SaverOne's solution is an app that, upon installation, detects the driver's cell phone radio frequency (RF) signal and promptly disables non-emergency functions. This technology, known as the SaverOne system, distinguishes itself by accurately identifying the phone's proximity to the driver's seat, blocking access to distracting apps and social media channels when used alongside the SaverOne App. Its censor is selective.
The SaverOne app only targets distracting apps, ensuring that vital functions like navigation, emergency signals, and hands-free phone calls remain unaffected. Contrary to concerns about affecting passenger phones, the SaverOne system is engineered to activate only when a phone (with the app installed) is near the driver, excluding passengers. This design feature positions the SaverOne system as potentially superior to competing products, earning the attention of diverse markets, including parents of young drivers, commercial vehicle companies, employers providing company vehicles, and vehicle manufacturers.
Finding Its Place In Multiple Sectors
SaverOne recently announced entering a memorandum of understanding with IVECO, a leading medium/heavy truck manufacturer, to integrate its solution into some of the roughly 150,000 IVECO trucks produced yearly. Initial integration is slated to begin before the year's end, with a comprehensive rollout planned for 2024. SaverOne also announced securing a substantial order from Electra Afikim, an Israeli-based public transportation company, to install the SaverOne System in approximately 1,200 buses. These developments, coupled with pilot projects in the Gulf region, the U.S., and Europe, have and are expected to continue contributing to an already steepening growth curve.
An additional deal earlier this year facilitated SaverOne's introduction to international markets, where it earned an order for 4,300 systems, with approximately 3,000 of those units already installed. While monetizing that deal, SaverOne announced launching the second generation of its distracted driver protection solution in Q4 of 2022, with that mission aiming to accelerate penetrating the broader global auto market. SaverOne's distribution agreement with GVZ Company, based in Milan, fuels that intent. It's also contributing to revenue growth.
In the first half of 2023, SaverOne reported a year-over-year revenue increase, reaching approximately $400k from the roughly 3,000 installed units. That milestone represents a significant rise from the 1,750 installed units installed through March 2023. With an estimated retail price between $300 and $500 and professional installation far from cost-prohibitive, the company looks well-positioned to add to its string of early adoption in multiple market segments.
Capital On Hand To Fuel Growth
SaverOne's solid financial position can fuel that expectation. As of June 30th, SaverOne had about $5 million in cash. Since the company spends roughly $500,000 per month to fund operations, that provides a cash runway of approximately ten months, enough to fund market expansion, marketing, pilot programs, and additional OEM deals. The experienced management team at SaverOne, all holding senior executive positions before joining SaverOne, enhances the company's ability to execute growth strategies in 2024 and beyond, spearheading a mission aligned with a sector initiative focused on safeguarding people and assets.
To do that, SaverOne system technology relies on sensors and AI algorithms to manage distracted driving. The "Phone Location Unit" sensor, easily installed in the vehicle (typically under the dashboard), determines a phone's location based on the relative strength of its RF signal. Upon activation, the system restricts specific applications while the vehicle is in motion, permitting only calls, navigation, music apps, and other hands-free or non-distracting apps. Customizable settings allow corporate fleet managers or third parties, such as parents or insurance companies, to modify the list of permitted apps.
SaverOne is timely to its market opportunity. Despite advancements in hands-free technology, the persistent issue of smartphone use while driving necessitates solutions. SaverOne addresses this concern through its system, offering a tangible, effective, and practical solution. As the company actively showcases the value of its solution through app-based and OEM installations, growth momentum on multiple market fronts should continue.
Contributing To A Needed Solution
Keep in mind that SaverOne's goal isn't to limit mobile communications altogether but rather to curb texting and viewing content while driving, particularly focused on mitigating general messaging and posting to social media channels. As noted, that's accomplished by the DDPS system automatically engaging when a phone (with the app installed) is near the driver's seat. It can do that without affecting passenger phones by using sensors and AI algorithms to identify and detect the position of a mobile phone inside a vehicle.
Then, with the SaverOne app enabled, a driver entering the vehicle with a cell phone will find that many distracting apps have been automatically disabled. If the app is not enabled, an alarm will be triggered that can only be silenced by removing the phone from the driver's area or downloading and activating the mobile app if the phone is to remain in the vicinity of the driver.
The system is not a one-size-fits-all solution. For example, a corporate fleet manager could elect to "safelist" specific apps necessary for job performance. For private vehicles, the list of allowed apps can be modified by a third party, such as a parent or an insurance company that might offer incentives for compliance. That differentiation from many competing products is leading to increasing market traction, evidenced by growing revenues, likely from the SaverOne system having the intrinsic ability to satisfy multiple client demands.
That notable distinction allows SaverOne to target smartphone-related distractions inherent to the increase in device ownership, which has surged from roughly 56% of the American population to approximately 85% as of 2022. Excluding the very young and the oldest generations from this calculation leads to a revised estimate supporting that nearly all drivers in the U.S. own a smartphone. With that increase, the issue of distracted drivers gets compounded, especially when smartphone use gets added to other distractions, like eating and adjusting controls.
Factoring the totality of SaverOne system benefits, including assets and leadership, the company looks better positioned than ever to maximize intrinsic system strengths to capitalize on revenue-generating opportunities from a market in dollar terms worth billions. If near-term goals are reached, SaverOne could achieve its goal of becoming a recognized global services provider in a sector where being the best can be the difference between life and death. By leveraging the value from system differences that are advantages, SaverOne may certainly earn that spot.
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