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    ELABS   NO0010722283

ELLIPTIC LABORATORIES ASA

(ELABS)
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Real-time Oslo Bors  -  05/27 10:29:53 am EDT
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Elliptic Labs AI Virtual Proximity SensorTM Launches on 4 Xiaomi Redmi Smartphone Models for Global Markets

01/27/2022 | 01:01am EDT
Oslo, Norway -- Elliptic Labs (EuroNext Growth: ELABS.OL), a global AI software
company and the world leader in Virtual Smart SensorsTM, has announced that
Xiaomi (HKSE: 1810.HK) has chosen Elliptic Labs' INNER BEAUTY® AI Virtual
Proximity Sensor as its proximity solution for the upcoming global launch of its
Redmi Note series. Xiaomi continues to expand with Elliptic Labs and includes
the AI Virtual Proximity Sensor into four smartphone models: Redmi Note 11, Note
11S, Note 11 Pro, and Note 11 Pro 5G. Elliptic Labs has collaborated with
Xiaomi, the third largest smartphone maker in the world, and Elliptic Labs'
partners Qualcomm and MediaTek again to bring the most successful Redmi brand to
market. Qualcomm's Snapdragon 680 chipset will power the Note 11 while
MediaTek's Helio G96 chipset will run the Note 11S. The Note 11 Pro will be
driven by MediaTek's Helio G96 chipset and Qualcomm's Snapdragon 695 5G chipset
manages the  Note 11 Pro 5G. These design-win launches fall under the Enterprise
License Agreement announced September, 2021, by Elliptic Labs.
 
"Xiaomi has deployed and trusted Elliptic Labs' solid technology since 2016,"
says Laila Danielsen, CEO of Elliptic Labs. "We are excited that Xiaomi kicks
off this year by adopting our AI Virtual Proximity Sensor into four smartphone
models.  Replacing hardware sensors with Elliptic Labs software-only AI Virtual
Smart Sensor Platform delivers cost-optimized innovation and human and
eco-friendly solutions, while eliminating continued supply chain risk. This
makes Elliptic Labs the ideal partner for global smartphone manufacturers like
Xiaomi."
 
Elliptic Labs' AI Virtual Proximity Sensor turns off the smartphone's display
and disables the screen's touch functionality when users hold the device up to
their ear during a phone call. Without that capability to detect proximity, a
user's ear or cheek could accidentally trigger unwanted actions during a call,
such as hanging up or dialing numbers while the call is ongoing. Turning off the
screen automatically also helps conserve battery life. Proximity detection is a
core capability that is used in all smartphones across today's market. Elliptic
Labs' AI Virtual Proximity Sensor delivers robust proximity detection without
the need for a dedicated hardware sensor. By replacing hardware sensors with
software sensors, the AI Virtual Proximity Sensor reduces device cost and
eliminates sourcing risk.
 
INNER BEAUTY is a registered trademark of Elliptic Labs.
 
AI Virtual Proximity Sensor, Virtual Smart Sensors, AI Virtual Presence Sensor,
and AI Virtual Smart Sensor Platform are trademarks of Elliptic Labs.
All other trademarks or service markets are the responsibility of their
respective organizations.

About Elliptic Labs
Elliptic Labs is a global enterprise targeting the smartphone, laptop, IoT, and
automotive markets. Founded in 2006 as a research spin-off from Norway's Oslo
University, the company's patented AI software combines ultrasound and
sensor-fusion algorithms to deliver intuitive 3D gesture, proximity, and
presence sensing experiences. Its scalable AI Virtual Smart Sensor Platform
creates software-only sensors that are sustainable, eco-friendly, and already
deployed in over 150 million devices around the world. Elliptic Labs is the only
software company that has delivered detection capabilities using AI software,
ultrasound, and sensor-fusion deployed at scale. It filed its IPO with the
Euronext Growth Market in October 2020. 
Elliptic Labs is headquartered in Norway with presence in the USA, China,
South-Korea, Taiwan, and Japan. Its technology and IP are developed in Norway
and are solely owned by the company.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
ELLIPTIC LABORATORIES ASA 5.64% 19.12 Real-time Quote.-31.10%
MEDIATEK INC. 2.16% 851 End-of-day quote.-28.49%
XIAOMI CORPORATION 2.65% 11.6 Delayed Quote.-38.62%
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Financials
Sales 2022 104 M 10,9 M 10,9 M
Net income 2022 1,32 M 0,14 M 0,14 M
Net cash 2022 198 M 20,9 M 20,9 M
P/E ratio 2022 1 912x
Yield 2022 -
Capitalization 1 989 M 210 M 210 M
EV / Sales 2022 17,3x
EV / Sales 2023 6,11x
Nbr of Employees 58
Free-Float 58,3%
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Managers and Directors
Laila Danielsen President & Chief Executive Officer
Bente Hognes Finance Director
Lars Holm°y Chief Financial Officer
Tore Engebretsen Chairman
Brian Daly Senior VP-Sales & Business Development
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