StradVision disclosed a $2.4 million milestone contract for Aptiv's next camera platform
The Korean perception-software company told the exchange that none of the 3.21 billion won is confirmed until Aptiv accepts each of five milestones, the fourth of which turns on hitting target KPIs within a compute budget.
StradVision disclosed to Korea’s electronic disclosure system on October 12 that it had taken a contract to develop and supply front-camera vision perception software for Aptiv. The filing gave the order date as October 8 and the term as running to April 30, 2028.
The filing put the value at 3,214,080,000 won, which it stated as $2.4 million at the exchange rate of 1,339.2 won to the dollar on October 8, and at 17.7 percent of StradVision’s most recent annual revenue of 18,109,229,713 won. None of it is fixed: the company recorded the entire amount as conditional and zero as confirmed.
Payment is divided into five milestones of $480,000, each released only on the customer’s acceptance of the deliverable. The first covers completion of project kick-off, the second a sample software release integrated on the customer’s hardware, the third initial KPI performance, the fourth target KPI and compute-resource requirements, and the fifth final software integration. The filing said each milestone deadline can be adjusted by agreement between the parties, that invoices are paid within 90 days, and that bug-fix and follow-on warranty obligations run to September 2028.
The counterparty is Aptiv Global Operations Limited, which the filing described as an affiliate of StradVision’s largest shareholder and reported with revenue of $20.398 billion. The work falls under a joint development agreement signed in December 2022 and a master inbound software license agreement from July 2024, with the license agreement prevailing where the two conflict. Aptiv issued a purchase order after the contract was signed.
StradVision said the software would be fitted to Aptiv’s next-generation smart camera platform for supply to global automakers, and that it had entered mass production on the current Aptiv camera last month.