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NASDAQ - MVIS:US (MICROVISION) - Vol II

EyeCam, Inc.

The Power Is in Your Hand


RAISE DETAILS

Funding Goal $500,000
Current Reservations $3,133,500
Minimum Reservation $10,000
Deal Stage Seed
Interest (% per year) 8.00%
Term Length (Months) 24 months
Valuation Cap $30,000,000
Conversion Discount (%) 20%
Warrant Coverage (%) N/A
Open Date 05/01/2016
Maximum Reservation $10,000,000
Closing Date 05/31/2017
 
Forse la migliore analisi della situazione disponibile,
la cosa buffa è che l'ho trovata su un forum americano
E' stata scritta due mesi fa:


A lot of events have transpired over the last 6 - 9 months that when placed in an overall context allow one to make sense of it all. MicroVision is probably in as good a position as ever in working to achieve its ultimate goal of getting its technology adopted in mass market products.
The real tell was the licensing agreement with STM. STM is at the heart and center of the adoption of LBS. They make the MEMS modules, they acquired bTendo and have LBS engine manufacturing expertise and manufacturing capabilities. And, they bring a whole lot more to the table (more on that below).
First, lets look a the sequence of events that establish the context for what’s actually happening behind the scenes. Then I’ll provide an Analysis that explains what I believe is happening and why. I’ll also explain why, at this point a bet on MicroVision is more a bet on Benedetto Vigna at STM. And, finally why Sony is likely a dead horse as far as LBS is concerned.
Publicly Available References
Nov 2, 2016 (Q3 Conference Call & Results) - “MicroVision plans to begin selling laser beam scanning (LBS) engines in 2017 for market opportunities not addressed by current solutions. The company expects sales of its new LBS engines to add significant revenue which would be in addition to component sales and royalties from existing customers. Based on early indications of interest from various potential customers, MicroVision anticipates that demand for these engines could result in revenue ranging from $30 million to $60 million over the 12 to 18 months following availability of the first production units. MicroVision expects significant revenue growth in 2017, and the revenue from these new products is expected to be weighted to the second half of 2017.”
Nov 10, 2016 (MicroVision and STMicroelectronics to Co-Market MEMS Mirror-based Laser Beam Scanning Solutions). “They plan to work together to develop, sell, and market Laser Beam Scanning (LBS) technology. In addition to the pico projection and heads-up display (HUD) markets that both companies are currently addressing with their LBS solutions, ST and MicroVision anticipate targeting emerging markets and applications including virtual and augmented reality (VR, AR), 3D sensing and Advanced Driver Assistance Systems (ADAS). In addition, MicroVision and ST anticipate exploring options to collaborate on future technology development including a ‘Joint LBS Product Roadmap’. This cooperation would combine the process design and manufacturing expertise of ST with the LBS systems and solutions expertise of MicroVision.
Nov 21, 2016 (MicroVision Signs Patent License Agreement with Taiwanese ODM). “MicroVision and the ODM have signed a patent license agreement under which the ODM has a license to make and sell Laser Beam Scanning (LBS) engines. The engines the ODM is making incorporate components it is purchasing from third parties. Under the agreement, MicroVision would receive a royalty payment from the ODM for each LBS engine the ODM sells. This agreement is related to MicroVision’s recently announced co-marketing relationship with STMicroelectronics.”
Dec 9, 2016 (MicroVision Prices $13 Million Offering of Common Stock). Underwritten by Ladenburg Thalmann.
Dec 21, 2017 (MicroVision Raises $2.14 Million From the Sale of Common Stock). Ben Fahri adds shares. Uncle is on MVIS’s board.
Dec 27, 2016 (MicroVision Begins Shipping Samples to Customers of Its Small Form Factor Display Engine). MicroVision plans to be ready for mass production of this engine early in the second quarter of 2017.
Dec 31, 2016 (AWM Hedge Fund Takes a ~10% stake in MVIS). AWM also owns 10% of display manufacturer Kopin.
Jan 5-8, 2017 (MicroVision showcases its three display and sensing engines that the company plans to introduce in 2017 and 2018 at CES 2017 in Las Vegas, January 5-8, 2017). In STM’s booth as well.
Feb 10, 2017 (MicroVision Announces Changes to its Board of Directors) Bob Carlile brings over 39 years of public accounting experience to MicroVision’s board. He served as a partner for a combined 29 years at KPMG LLP and Arthur Andersen LLP supervising audits of public companies and working with boards as the lead audit partner for numerous large corporations based in the Pacific Northwest. “I am honored to be joining the MicroVision board of directors. The technology the company has developed is awe inspiring and there are so many possibilities ahead for the scanning engines the company is introducing this year and next,” said Robert Carlile, newly elected Independent Director of MicroVision. “I am looking forward to working with Brian, Alex and the rest of the board and management team to pursue the company’s growth strategy including expansion into new markets and product categories such as 3D sensing.”
March 3, 2017 (STMicroelectronics Announces Filing of its 2016 Annual Report Form 20-F) On January 27, 2016, we announced the change to our organization, to align with our strategic focus on Smart Driving and on Internet of Things applications. Three product Groups were established, reporting to the President & CEO: Automotive and Discrete Group (ADG), led by Marco Monti; Microcontrollers and Digital ICs Group (MDG), led by Claude Dardanne, and Analog and MEMS Group (AMG), led by Benedetto Vigna.
Benedetto Vigna is Executive Vice President, Analog and MEMS Group General Manager, and has held this position since January 2016. He is a member of ST’s Corporate Strategic Committee. Mr. Vigna joined STMicroelectronics in 1995 and launched the Company’s efforts in MEMS. Under his guidance, ST’s MEMS sensors found early success with large OEMs for motion-activated user interfaces establishing ST’s MEMS leadership. Mr. Vigna has piloted ST’s successful moves into microphones, magnetic sensors, and touch-screen controllers, as well as environmental sensors, micro-actuators, automotive sensors, and low-power radios for IoT. In 2011, his responsibilities expanded to include general-purpose and high-end analog ICs. ST’s smart-power products for OEMs and Mass Market were added to Mr. Vigna’s mandate in 2016. Mr. Vigna has filed over 170 patents on micromachining, authored numerous publications, and delivered many speeches at international conferences. He sits on the industrial board of several EU-funded programs. Mr. Vigna’s contributions to the MEMS industry have been recognized with the Executive of the Year Award by the MEMS Industry Group (2013), the European SEMI Award (2013) and the IEEE Frederik Philips Award (2015). Mr. Vigna graduated with a degree in Subnuclear Physics from the University of Pisa, Italy.
STM Customers and Applications - STM designs, develops, manufactures and markets thousands of products that we sell to thousands of customers. Our major customers include Apple, Bosch, Cisco, Conti, Delta, Hewlett-Packard, Huawei, Samsung, Seagate and Western Digital.
Sept 2016 - March 2017. STM share price doubles from 7 to over 15 on significant institutional buying and volume.
June 2017 - Courtesy this Reddit board. The new edition of the international laser product safety standard IEC 60825-1 takes effect. Significant impact on LBS safety standards (favorable to LBS).
ANALYSIS
MicroVision has had a long standing relationship with STM going back years and STM manufactures MEMS and ASICS for MicroVision. STM with its acquisition of bTendo has had LBS on its product roadmap for quite some time. That said, it’s taken a lot longer than expected for all the pieces to fall in place for wide scale mass adoption of LBS projection, yet finally all the obstacles have been set aside (low cost green lasers, laser safety standards and mass production capability to name just a few). Early adopter products have finally entered the market to test the waters and gain experience. Next is crossing the chasm and achieving wide scale mass adoption. The pins are now lined up in the bowling alley and its time to throw the ball and start knocking them down.
Aside from the “Apple Loves Us” comment purported to be said by Alex Tokeman at an ASM, Apple R&D and MicroVision have had a history of collaboration (or at a minimum joint interests) covering LBS patent areas. A search on Peter’s excellent website searching for apple and patents illustrates this nicely. With Apple’s secrecy, indirect inference it about as good as it gets.
Another key aspect from the standpoint of Apple (and other OEMs) is risk. Risk is reality in large Fortune 100 organizations. Warranty, product liability, supply chain execution are just a few of the biggies. Product adoption risk is also present, but it’s the other risks I cited that can really sink the ship (and even worse from management’s perspective, end some careers). Understanding this decision making behavior and contrasting it with a purely ‘product’ based perspective is another key to understanding why its taken MicroVision so long to reach the mass market. Apple is not going to use MicroVision components and you’re not going to see MicroVision listed in their supply chain. Way too much risk. Apple will however, use Foxconn and STM.
So after years (actually a decade or more), Apple is finally ready to adopt LBS in its products. They look to their supply chain and the logical choice is STM, Sony, Foxconn/Sharp. With all the R&D over the years, Apple knows how to reduce the product adoption risk, but its the safety standards, supply chain and manufacturing risks that need to be mitigated. Safety standards (government and regulatory) apparently has been managed with the new LBS standards that reflect objective reality vs. DLP FUD. STM and others with a long term stake in getting this corrected were likely key influencers. That leaves manufacturing and supply chain. Forecast product demand and lock down the supply of all key components years going forward (and to the exclusion of competitors) is an Apple mantra and something Tim Cook is quite adept at. This leaves manufacturing (a competency Apple actually outsources to world class partners like STM and Foxconn). Sony with its camera and image sensor business with Apple was certainly in the running, but at the end of the day, STM had the edge on LBS MEMS and Engine manufacturing competency which put tiny MicroVision in a bit of a bind. Sony invested in an 8 year product and licensing agreement with 8 million in up front money. Yet, the big dog calling the shots is Apple and they are going with STM. Apple with its deep expertise in LBS patents understands what MicroVision patents offer as does STM. Until recently, an agreement with MVIS was not needed (you need one when commercial products will be entering the market shortly) which is where we are now. So, the agreement with STM is signed on Nov 10th, 2016.
A week earlier on Nov 2nd, MicroVision announced its growth strategy using its own 3 new engines with the $30-$60 million in revenue form them. First reaction to this is “Isn’t this what Sony was supposed to be doing?” Nov 10th clarified matters and then some with the joint STM/MVIS press release that mentioned not just selling and marketing, but a ‘Joint LBS Product Roadmap’. Again, wasn’t this what Sony was supposed to be doing with MVIS? Stake in the heart for Sony, but they already knew that, which is why Token guided lower to nil product revenue in Q1 2017 on the Q3 call. This also explains the painstakingly slow product rollout of the Celluon products dependent on Sony engines. These type of deals take time to sort out, so there was likely trouble in paradise between MVIS and Sony for a while.
Bottom line, the path for MVIS was forced by others (Apple and other OEM/ODMs) and STM agreement was solidified prior to commercial product launches. Then, icing on the cake for MVIS is the press release on Nov 21st with the Tiawan ODM. Two key points on this. Its a patent/royalty agreement and its specifically related to the agreement with STM.
So, next up for MicroVision is to move forward working with other OEM/ODMs (what Sony was supposed to be doing). That required funding and late December funding is obtained and more was required than one might initially expect, because with Sony backing away, MVIS needed more funding for the new engine development and launch.
Then as a good partner would do, STM fully embraces MicroVision in their CES booth jointly showcasing products. Which by the way is a far cry from your partner (Sony) not letting you even mention their name for a year or more).
This brings us to Benedetto Vigna and his background and proven track record of success. He knows how to execute. STM is front and center the key to adoption of LBS in the mass market, and more than anything a bet on MVIS is now a bet on Benedetto Vigna at STM. MVIS and Token are hitched on for the ride with Sony being ‘left out of the picture.’
Finally, we have institutions and AWM. With its 20 year track record, its no wonder they’ve stayed away from MVIS. There are lots of companies and techs to invest in. Why choose MVIS with the lack of visibility into its operations. Investment decisions need to be justified, especially at large institutions. Until there’s more clarity, they will wait and then jump in at the above $5 level when making the decision to buy MVIS is safer and yet still has reasonable upside. You need a rare bird like AWM (with its approach and management) that’s willing to take the sizable early risk.
 
Grazie Frank
Ottima analisi, circostanziata e documentata, non fa una piega.
Aggiungendo il nuovo contratto, siglato il 20/04, facciamo quadrato. ;)
 
Bene, bene

Questa azione è proprio una *******... Giovedì scorso ho temuto il tracollo, poi invece l'insperata chiusura sopra i 2$ ed oggi OK! Ora mi aspetto qualche bella news :)
 
Companies ready wearable ID system

MAY 9, 2017

Microvision and Robotic Vision Systems have teamed up to market a wearable biometric identification device to the U.S. government and commercial businesses, the companies said Tuesday. Biometrics technology, which uses retinal scans, fingerprinting and other biological markers for personal identification, has been of huge interest since Sept. 11, when terrorist attacks fixed the government’s attention on national and airline security. But even before then, the technology was gaining attention as companies started to implement it for more everyday uses such as driver’s licenses with embedded microchips. Microvision, which makes light-scanning technologies, and Robotic Vision Systems, maker of machine vision and bar-code technology, said their new mobile identification system will target the government’s national defense program and private industries. The system will combine Microvision’s Nomad Personal Display System and Robotic Vision Systems’ ID Trace biometric authentication technology. The companies plan to co-market the system, which could be used to verify identity, and control access to naval and military bases, as well as high-security civilian buildings. The system includes a wearable display that identifies the individual in question, is readable in brightly lit environments and may be used outdoors. Information stored in the tamper-resistant device can be encrypted or changed frequently for even higher levels of security, the companies said. Despite the growing interest in biometrics, analysts are skeptical about the technology’s effectiveness, due in part to the public’s reluctance to embrace “smart cards”–which would embed biometric information on a chip–and to concerns about error rates in technologies such as facial recognition…


Sembra però una copia dell'articolo del 2002, quindi non una news :rolleyes:

Microvision e robotica Vision Systems insieme per sistema di informazione del mercato mobile biometrico
Microvision, Inc.
PUBBLICATO 05/07/2002
 
Ultima modifica:
MicroVision / Laser beam scanning assisted autofocus

United States Patent 9,648,223
May 9, 2017
Laser beam scanning assisted autofocus
Abstract An apparatus with autofocus includes a scanning laser projector to provide autofocus assist. The scanning laser projector may project visible or nonvisible light in contrasting patterns to provide passive autofocus assist. The scanning laser projector may include a time-of-flight determination circuit to measure distances to provide active autofocus assist. Passive and active autofocus assist are combined to provide hybrid autofocus assist.
Inventors: Honkanen; Jari (Monroe, WA)
Assignee: Microvision, Inc. (Redmond, WA)
 
come più volte detto il titolo è diretto alla chiusura del gap a 1,68 l
il rimbalzo ultimo è servito a ricoprire lo short visibile sul grafico, . occhio che il miniproiettore è poco più che un giocattolo,da tenere presente che il titolo da gennaio è triplicato di valore e gli short passano alla cassa.
 
il guerriero ha scritto:
il miniproiettore è poco più che un giocattolo
Clicca per espandere...

Un'interpretazione a dir poco riduttiva, certo non sei il solo a pensarla in questa maniera considerato
il dato impressionante sullo short... Quando il mercato capira' il valore di questa tecnologia, allora
non vorrei trovarmi nei panni degli shorters. Ma secondo te STM fa un accordo con un produttore di giocattoli??
 
non hai mai pensato che le aziende quotate in borsa guadagnano più nel tradare le loro stesse azioni che con i loro prodotti e le news che emettono servono a questo scopo?
 
il guerriero ha scritto:
non hai mai pensato che le aziende quotate in borsa guadagnano più nel tradare le loro stesse azioni che con i loro prodotti e le news che emettono servono a questo scopo?
Clicca per espandere...

Al massimo di riferisci ai manager delle aziende quotate non alle aziende quotate ;)
 
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