Yahoo Finance Verra Mobility and Hayden AI partner to facilitate automated bus lane and bus stop enforcement
Safety, privacy, and innovation are key components to partnership
MESA, Ariz., June 25, 2024 /PRNewswire/ -- Verra Mobility Corporation (NASDAQ: VRRM), a leading provider of smart mobility technology solutions, and Hayden AI, a leader in artificial intelligence and spatial analytics, announced today a partnership to offer next-generation technology solutions to customers across the U.S. Together, the two companies will deliver a seamless technology platform designed to improve road safety, sustainability, and public transit reliability and accessibility.
The partnership will leverage Hayden AI's mobile perception technology and Verra Mobility's customer integration experience to provide cities and transit agencies with a best-in-class program for automated bus lane, bike lane, bus stop, and double-parking enforcement solutions.
As leading industry experts, the collaboration will deliver a privacy-based, customer-centric platform that leverages machine learning to continuously adapt to the needs of each customer and create a comprehensive mobility solution for communities across the nation.
Cities will receive added value through a multi-solution approach that helps decrease commute times and congestion and increase accessibility, ultimately delivering more reliable schedules for riders. The residual benefit includes a more holistic community transit value through increased ridership, reduced exhaust pollution from idling buses, and increased bicycle safety.
Partnership contributions
Verra Mobility is the largest safety and mobility event-processing company, capturing more than 50 million events across the globe. With nearly 30 years of experience, Verra Mobility will deliver quality, reliability, and a proven capacity to process the needs of customers. As a large, scalable organization with proven financial strength, the company has the unique ability to cater to communities of all sizes - from complicated large metropolitans to the unique needs of smaller municipalities.
Hayden AI is the US market leader in mobile automated bus lane and bus stop enforcement, with hundreds of AI-powered detection systems installed on transit buses across the country. The company will use its mobile perception platform mounted on transit buses to detect and identify instances of illegal parking in bus lanes, bus stops, bike lanes, and other dangerous no-parking zones. This technology uses edge processing to detect parking and moving violations in real-time and keep data secure.
"This is an exciting opportunity that allows us to offer the most up-to-date, adaptable technology to our customers, bringing them a more powerful tool to speed up transit and improve the commuter experience," said Jon Baldwin, executive vice president of Government Solutions, Verra Mobility. "With our event automation, citizens will be able to get where they need to go faster, safer, and more efficiently, while transportation agencies will have real-time data insight to improve road congestion and increase ridership."
"Hayden AI is excited to partner with Verra Mobility. By combining our innovative technology with Verra Mobility's event processing platform we can improve safety, reliability, and accessibility for even more transit agencies and cities," said Chris Carson, PhD, founder and CEO of Hayden AI. "Integrating our vision AI platform with Verra Mobility's back-end will allow us to leverage our strengths and build on a solution designed to increase on-time arrivals, reduce carbon emissions, enhance safety and accessibility, and encourage more transit ridership."
The companies already have an established partnership in New York City where the integrated bus lane solution has reduced collisions by an average of 20% on routes utilizing the technology. Building from this success, the partnership also resulted in the launch of the automated bus stop and double parking enforcement for the city - two critical initiatives to help improve road safety and transportation accessibility for people with disabilities. These impactful programs are the foundation for combining Verra Mobility's event processing platform with Hayden AI's integrated bus-mounted vision AI platform, resulting in an end-to-end solution for customers.
Hayden AI has installed hundreds of camera systems on transit buses across the United States for mobile automated bus lane enforcement while Verra Mobility is the leader in automated safety enforcement systems, with more than 13,000 safety camera systems deployed across three continents.
The two companies will look to expand beyond the bus lane enforcement to continuously develop the partnership, integrating additional mobility opportunities across the globe - now and into the future.
About Verra Mobility
Verra Mobility Corporation (NASDAQ: VRRM) is a leading provider of smart mobility technology solutions that make transportation safer, smarter and more connected. The company sits at the center of the mobility ecosystem, bringing together vehicles, hardware, software, data and people to enable safe, efficient solutions for customers globally. Verra Mobility's transportation safety systems and parking management solutions protect lives, improve urban and motorway mobility and support healthier communities. The company also solves complex payment, utilization and compliance challenges for fleet owners and rental car companies. Headquartered in Arizona, Verra Mobility operates in North America, Europe, Asia and Australia. For more information, please visit www.verramobility.com.
About Hayden AI
At Hayden AI, we're pioneering real world problem solving powered by AI and geospatial analytics. From bus lane and bus stop enforcement to digital twin modeling and more, our clients use our mobile perception system to speed up transit, make streets safer, and create a more sustainable future. Founded in 2019 and headquartered in San Francisco, Hayden AI's technology is currently improving safety, transit reliability, accessibility and sustainability in North American and European cities. Learn more at www.hayden.ai
Forward Looking Statements
We describe many of the trends and other factors that drive our business and future results in this press release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties that can affect our performance in both the near-and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. These forward-looking statements should be considered in light of the information included in this press release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
Additional Information
We periodically provide information for investors on our corporate website, www.verramobility.com, and our investor relations website, ir.verramobility.com.
We intend to use our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.
Verra Mobility Investor Relations: | Verra Mobility Investor Relations: | Hayden AI Media Relations: |
Valerie Schneider | Mark Zindler | Jenna Fortunati |
valerie.schneider@verramobility.com | mark.zindler@verramobility.com | jenna.fortunati@hayden.ai |
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