We announced today that MicroVision has been awarded a development and supply contract for a Laser Beam Scanning (LBS) display system by a leading technology company. Under this agreement, MicroVision would develop a new generation of MEMS1, ASICs2 and related firmware for a high resolution, LBS based product the technology company is planning to produce. We would receive up to $24 million including $14 million in fees for development work that is expected to span 21 months and an upfront payment for other items. The development fees would be paid contingent on completion of milestones in 2017 and 2018. Further details on the milestone timing, amounts related to the milestones, quantity of components and other details of the contract are not being made public.
“We believe the LBS display markets have tremendous opportunity for growth, and we are extremely pleased that a major technology company has decided to work with MicroVision and our PicoP® scanning technology in the development of its product,” said Alexander Tokman, president and CEO of MicroVision. “We believe that our systems expertise and the ability of our patented LBS technology to create a display that produces high resolution images from a low power, small form factor engine were key contributors to winning this business.”
MicroVision’s patented PicoP® scanning technology is well suited to support a wide array of applications including pico projection, interactive pico projection, 3D LiDAR sensing for applications such as advanced driver assistance systems (ADAS), robotics and industrial applications, and Augmented and Virtual Reality (AR/VR).
1Micro-electrical mechanical systems (MEMS)
2Application-specific integrated circuits (ASICS)