ADASTEC Corp. Market Research Report

Background

Overview

ADASTEC Corp., established in 2018, is a leading developer of SAE Level-4 automated driving software platforms for full-size buses and commercial vehicles. The company's flagship product, flowride.ai, enables Original Equipment Manufacturers (OEMs) to create modern, automated, shared, and connected transportation solutions. ADASTEC's technology is deployed in cities across Europe and North America, including Stavanger, Norway; Tampere, Finland; Arlanda, Sweden; and East Lansing, Michigan, USA.

Mission and Vision

ADASTEC's mission is to revolutionize public transportation by providing flexible, clean, and cost-effective automated solutions that transform public transit into a more sustainable and efficient future. The company envisions a world where autonomous buses enhance urban mobility, reduce carbon emissions, and improve accessibility for all passengers.

Industry Significance

As a pioneer in the autonomous transportation sector, ADASTEC plays a crucial role in advancing the integration of Level-4 automation into public transit systems. Its innovative approach addresses key challenges in urban mobility, including congestion, environmental impact, and accessibility, positioning the company as a significant contributor to the future of transportation.

Key Strategic Focus

Core Objectives

Autonomous Public Transit: Develop and deploy Level-4 automated driving solutions for full-size buses and commercial vehicles.

Sustainability: Promote environmentally friendly transportation options to reduce carbon emissions.

Accessibility: Enhance public transit systems to be more inclusive and accessible for all passengers.

Areas of Specialization

Automated Driving Software: Design and implementation of advanced software platforms for vehicle autonomy.

Sensor Integration: Utilization of high-precision sensors, including LiDARs, cameras, and GNSS, to ensure safe and efficient vehicle operation.

OEM Collaboration: Partnerships with bus manufacturers to integrate automation technology directly into production lines.

Key Technologies Utilized

flowride.ai Platform: A comprehensive software suite enabling Level-4 automation in commercial vehicles.

Sensor Suite: Integration of Ouster LiDARs, RGB cameras, FLIR thermal cameras, high-precision GNSS, automotive radar, and ultrasonic sensors.

Vehicle-to-Vehicle (V2V) Communication: Enhancing vehicle coordination and safety through advanced communication protocols.

Primary Markets Targeted

Public Transit Systems: Deployment of autonomous buses in urban and suburban areas.

OEMs: Collaboration with bus manufacturers for factory-fitted automation solutions.

Academic Institutions: Partnerships for research and development, such as with Michigan State University.

Financials and Funding

Funding History

ADASTEC has secured a total of $7 million in funding over multiple rounds, including:

December 2020: $300,000 from investors Hüseyin Karayağız, Özlem Petek Hün, and one other.

September 2021: $2.8 million in a seed round.

June 2022: $4.8 million in a seed round.

March 2024: $1 million in a seed round from TRANGELS and the Technology & Innovation Fund.

July 2024: $250,000 grant from the National Park Service.

Utilization of Capital

The funds have been allocated towards:

Research and Development: Advancing the flowride.ai platform and sensor integration.

Operational Expansion: Establishing offices in Detroit, Michigan, and Ann Arbor, Michigan, to support business development and talent acquisition.

Strategic Partnerships: Collaborating with academic institutions and industry partners to enhance technological capabilities.

Pipeline Development

Key Pipeline Candidates

Karsan Autonomous e-ATAK: Deployment of the first autonomous bus in Stavanger, Norway, marking a significant milestone in automated public transport.

Michigan State University Deployment: Testing and validation of autonomous buses on campus, with plans for official deployment after successful trials.

Stages of Development

Prototype Testing: Conducted in various international locations to validate technology and operational feasibility.

Pilot Programs: Initiated in collaboration with academic institutions and public transit authorities.

Commercial Deployment: Ongoing efforts to integrate autonomous buses into public transit systems.

Target Conditions

Urban Environments: Navigating complex city traffic and infrastructure.

Mixed Traffic: Operating alongside human-driven vehicles and pedestrians.

Adverse Weather: Ensuring reliable performance in various weather conditions.

Anticipated Milestones

Mid-2024: Deployment of a new 28-foot electric Level-4 automated bus at Michigan State University.

Ongoing: Expansion of autonomous bus services in additional cities and regions.

Technological Platform and Innovation

Proprietary Technologies

flowride.ai Platform: A comprehensive software suite enabling Level-4 automation in commercial vehicles.

Sensor Integration: Utilization of a diverse array of sensors, including LiDARs, cameras, and GNSS, to ensure safe and efficient vehicle operation.

Significant Scientific Methods

Sensor Fusion Algorithms: Combining data from multiple sensors to create a cohesive understanding of the vehicle's environment.

Machine Learning Models: Training algorithms to improve decision-making and adaptability in complex traffic scenarios.

Leadership Team

Executive Profiles

Dr. Ali Ufuk Peker: CEO and Co-Founder. With over 25 years of experience in software development and high-tech industries, Dr. Peker holds a Ph.D. focusing on enhancing vehicle localization using digital maps and GNSS.

Kerem Par: CTO and Co-Founder.

Atalay Taskoparan: CPO and Co-Founder.

Key Contributions

Dr. Ali Ufuk Peker: Led the development of the flowride.ai platform and established strategic partnerships with academic institutions and industry leaders.

Kerem Par: Oversaw the technical development and integration of sensor technologies into the autonomous driving system.

Atalay Taskoparan: Directed product management and user experience design to ensure the platform meets the needs of public transit operators.

Competitor Profile

Market Insights and Dynamics

The autonomous public transportation market is experiencing rapid growth, driven by advancements in AI, sensor technologies, and increasing demand for sustainable urban mobility solutions. Key trends include:

Integration of Autonomous Vehicles: Cities worldwide are exploring the integration of autonomous buses into public transit systems to improve efficiency and reduce emissions.

Technological Advancements: Continuous improvements in AI and sensor technologies are enhancing the safety and reliability of autonomous vehicles.

Regulatory Developments: Governments are establishing frameworks to support the deployment of autonomous public transportation.

Competitor Analysis

Navya: A French company specializing in autonomous shuttle solutions, focusing on urban and suburban transportation.

EasyMile: A global leader in driverless transport solutions, offering autonomous shuttles and buses for public transit.

Local Motors: An American company known for its autonomous shuttle, Olli, designed for public transportation.

Strategic Collaborations and Partnerships

Michigan State University: Collaborated on deploying autonomous buses on campus, serving as a testing ground for technology validation.

Karsan Automotive: Partnered to produce autonomous buses, including the Karsan Autonomous e-ATAK deployed in Stavanger, Norway.

Operational Insights

ADASTEC differentiates itself through its factory-fitted approach, integrating automation technology directly into the manufacturing process of buses, ensuring seamless operation and compliance with safety standards. This strategy sets ADASTEC apart from competitors who may retrofit existing vehicles, offering a more efficient and reliable solution for public transit systems.