Artificial intelligence (AI) is blazing a technological trail that is transforming the way people work, interact, and even function. Though still in its infancy, recent developments in AI technologies have contributed significantly to automating and speeding up societal processes that were tedious and time-consuming even a year ago. While there’s much to be said about improved efficiencies, there’s something far more inherently powerful about AI that isn’t getting the headlines deserved: it can save lives. And with its innovative approach to addressing the issue of distracted driving, Israel-based SaverOne’s (NASDAQ: SVRE) mission is to prove that value.
SaverOne was founded in 2014 on that very premise, making its mission well into progress. Inspiration was rooted in growing media coverage about how the explosive rise of smartphones was causing a significant unintended consequence: distracted driving. Unfortunately, those stories weren’t limited to missed traffic lights and near-miss accidents. Instead, headlines called attention to the alarming increase in statistics showing that distracted drivers, particularly from cell phone use, were contributing to a surge in roadway deaths and a vehicle accident rate curve that was steepening significantly. Of course, both measures are an unacceptable trade-off as part of communication efficiencies.
Enter SaverOne, which, since inception, has been developing, upgrading, and refining its In-Cabin Driver Distraction Prevention Solution (DDPS) to help reduce the thousands of deaths and over a million auto accidents per year. In 2021 alone, about 3,500 lives were lost as part of the recorded 1.6 million accidents that reportedly involved cell-phone-related distracted driving. Those are the latest statistics available, and unfortunately, speculation for 2022 and 2023 is that both those numbers will increase — a result of smartphone ownership surging from roughly 35% in 2011 to an estimated 85% in 2022, according to Pew Research.
SaverOne Is Timely to Its Opportunity
Of course, that massive increase in ownership also creates opportunities for those companies looking in the right places. SaverOne has been doing precisely that, developing a unique system to mitigate the problem of distracted driving caused by cell phone use. Offering a solution that ultimately benefits the driver, passengers, people in other vehicles, and pedestrians, the patented AI-empowered technology fueling its DDPS system makes it timely to a massive market and revenue-generating opportunity from a social and life-saving perspective.
SaverOne’s advanced solutions provide unique capabilities and advantages over competing driver safety platforms. Foremost is its ability to detect, locate, and analyze cell phone RF signals through a combination of proprietary hardware, software, and algorithms, which serve as a blueprint throughout its innovative product line. That ability is already making a difference, leading to a jam-packed few years of deal-making that sent revenues during the first half of 2023 about 286% higher compared to the same period last year. SaverOne believes that trend will continue, supported by expanding its business reach internationally while adding to the dozens of system adoptions by companies in Israel.
Several reasons support that bullish outlook, especially regarding ease of implementation and use. SaverOne’s DDPS system works through driver cell phone recognition that detects when the driver enters the vehicle, which then automatically connects to the enabled SaverOne application. Then, once the vehicle starts moving, SaverOne shifts the phone to safe mode, preventing the use of distracting applications – like text messaging and email – while allowing non-distracting applications such as navigation, emergency signals, and hands-free calls. Other applications used can be pre-defined by third parties, including parents of young drivers, commercial vehicle companies, employers providing company vehicles, and vehicle manufacturers.
For those wondering, SaverOne is selective in who it censors by limiting only the driver’s device, leaving passenger phones unaffected. Still, it doesn’t provide an easy pass for drivers using the system. If the phone in the driver’s area is disconnected from the app, an alert sounds from an installed sensor, typically under the driver’s seat, to remind the driver to reconnect or place the phone outside the driver’s area.
Notably, drivers are not entirely shut off from communications while on the system. Incoming messages are still received, but since they aren’t displayed on the phone, senders receive a pre-defined automatic message, such as: “I am driving and protected by SaverOne. How bout a hands-free call instead. Call me.” In other words, messages can be customized and sent through a SaverOne system supported on both iOS and Android devices, each allowing for seamless software updates that build upon its safety capabilities.
Targeting The Nonsense, Not Communication
Those advantages attract attention and praise, evidenced by the growing number of validations earned from successful demonstrations of the SaverOne system to global companies, government agencies, and vehicle manufacturers. Serving that diverse opportunity has led to SaverOne already selling 4,300 devices to over 100 active customers, with revenues in 2023 accruing from roughly 3,000 units of that large order being installed. Installing the remaining units from that order will contribute to revenue growth into 2024. That’s not all.
SaverOne recently announced 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 and pilot projects in the Gulf region, the US, and Europe are expected to continue contributing to a steepening company growth and revenue curve. There’s more.
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. Still, keep in mind that while SaverOne’s system adoption is steepening, it’s not at the expense of necessary communication for its users.
SaverOne’s goal isn’t to limit mobile communications altogether, but rather to curb texting and viewing content while driving. Importantly, the system can be customized by clients to fit the specific needs of each use case. 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 is leading to increasing system adoption. Better still, from a company and investor’s perspective, expected success during current and future pilot projects and OEM validations will likely lead to more.
A Sum Of Its Parts Appraisal
Thus, when appraising SaverOne, the most appropriate way is to account for its totality, including system assets, patented IP, revenue growth, strong leadership, and an accelerating pace of system adoption. That sum emphatically supports the bullish thesis that this innovative company and its roughly $0.30 stock may present a value proposition too good to ignore. With volume surging of late, many investors apparently aren’t.
In fact, with consolidation over the past few weeks setting up a potential near-term technical bounce higher, they may be timely to seize on an apparent valuation disconnect. After all, SaverOne isn’t sitting idle. Instead, the company is focused on maximizing its potential by capitalizing upon its own opportunities that, when realized, can support a share price appreciably higher than its current. Keep this in mind, too. It’s important to the appraisal.
If SaverOne reaches just its near-term goals, it could become the most recognized global services provider to fight distracted driving. Adding those expected milestones to SaverOne’s long-term initiatives, current share prices may be exposing an attractive investment opportunity, put in play by a value-based disconnect between intrinsic value, inherent potential, and its share price. But, keep this in mind- when being the best is worth more than dollars earned, it can save lives; windows of investment opportunity, more often than not, close sooner rather than later. For SaverOne stock, based on attention earned, that may very well be the case.
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