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TIER IV and CMU partner to pioneer “Level 4+” autonomy through Safety21: Advancing beyond the limits of embodied AI

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TOKYO, April 24, 2025 /PRNewswire/ — TIER IV, the pioneering force behind the world’s first open-source software for autonomous driving, is proud to announce a strategic collaboration with Carnegie Mellon University (CMU), widely regarded as a birthplace of autonomous vehicles in 1984, to realize the new Level 4+ autonomy concept. Together, they aim to advance scalability, explainability, and safety through a hybrid architecture that combines data-centric AI approaches with the best practices in robotics, while also unlocking the potential of embodied AI to improve transparency and traceability in decision-making.

This collaboration is further strengthened through Safety21, the US Department of Transportation’s National University Transportation Center for Safety, led by CMU Professor Raj Rajkumar. TIER IV has joined Safety21’s Advisory Council, promoting the value of open-source software through Autoware*, which serves as the foundation for state-of-the-art research and development that addresses the trade-offs between safety and user experience in autonomous driving systems.

Background

Traditional Level 4 autonomy has been built on robotics methods such as probabilistic estimation and machine learning, relying on hand-crafted behavioral rules, predefined high-definition maps, and localized data sets to coordinate core functions such as sensing, localization, perception, planning, and control. Autoware originated from this architecture and has been successfully deployed in autonomous driving systems around the world.

The new Level 4+ autonomy concept, advocated through this collaboration, represents an intermediate step between SAE J3016 Level 4 and Level 5. It remains within the Level 4 classification in terms of human roles, but incorporates key aspects of Level 5 system features. As a result, the vehicle can operate under virtually all conditions by flexibly expanding its operational design domains (ODDs) to cover previously unencountered scenarios.

The Level 4+ system features do not require the human to take over dynamic driving tasks (DDT). However, they may leverage additional information provided from outside the system, as part of strategic functions, to dynamically respond to environmental changes within the target operational domain (TOD). Meanwhile, the system continues to control tactical and operational functions. In this framework, the system retains full responsibility for safety assurance, even when external strategic input influences its behavior. For example, a human may provide guidance that adjusts waypoint planning at runtime to help the system align its behavior with both the defined ODD and the TOD.

Emerging end-to-end AI models, a key variant of data-centric AI approaches, are promising for realizing Level 4+ autonomy, particularly when integrated with rule-based systems and human-in-the-loop strategies. However, they also present critical challenges, including high data requirements, limited explainability in decision-making, and difficulties in establishing robust safety assurance. Because it is often unclear how such models generalize learned behaviors or what influences their outputs, ensuring trustworthy real-world deployment remains a key hurdle.

Strategic collaboration scope

To realize Level 4+ autonomy, TIER IV and CMU will jointly develop next-generation Autoware-based autonomous driving systems, with a particular focus on advancing  scalability, explainability, and safety through a hybrid architecture that combines data-centric AI approaches, including refined end-to-end AI models, with the best practices in robotics.

The project will center on modularizing end-to-end AI models to coexist with state-of-the-art robotics methods and safety enforcement mechanisms. Key challenges include incorporating intermediate representations that expose internal reasoning processes, as well as establishing contextual awareness features that allow the system to transition into minimum risk maneuver (MRM) mode when faced with unexpected circumstances. As a whole, this hybrid architecture is designed to support more transparent and traceable embodied AI decision-making, while addressing practical deployment concerns such as system accountability, safety assessment, and regulatory compliance.

The collaboration is structured as a three-year initiative. In the first year, TIER IV and CMU will develop a reference vehicle powered by Autoware, with early deployments planned in both Tokyo and Pittsburgh. This vehicle will also serve as a platform for real-world data collection, closed-loop verification and validation, and on-road experimentation. Insights from this phase will be reflected back into Autoware and the broader open-source software community, accelerating innovation at CMU and across the global research and developer ecosystem

In the second and third years, the focus will shift toward developing a comprehensive safety enforcement mechanism for the hybrid architecture. This mechanism will support the safety assessment processes required for vehicle certification and public road approval, and will underpin scalability, explainability, and safety necessary for trustworthy real-world deployment of Autoware-based autonomous driving systems.

“This collaboration marks a major milestone in uniting the strengths of AI and robotics to build autonomous driving systems that are safer, more scalable, and more explainable,” said Shinpei Kato, founder and CEO of TIER IV. “Partnering with CMU enables us to further advance Autoware’s capabilities and deepen our contribution to the open-source software community, driving the future of mobility through collective innovation.”

“The integration of modular end-to-end AI models with traditional Level 4 systems represents a powerful advancement for the new Level 4+ autonomy concept,” said Raj Rajkumar, George Westinghouse Professor in the Department of Electrical and Computer Engineering at Carnegie Mellon University. “This collaboration offers a unique opportunity to deepen our understanding of AI in autonomous driving systems, ultimately enabling safer, more scalable, and more effective deployments.”

*Autoware is a registered trademark of the Autoware Foundation.

About TIER IV

TIER IV stands at the forefront of deep tech innovation, pioneering Autoware, the world’s first open-source software for autonomous driving. Harnessing Autoware, we build scalable platforms and deliver comprehensive solutions across software development, vehicle manufacturing, and service operations. As a founding member of the Autoware Foundation, we are committed to reshaping the future of intelligent vehicles with open-source software, enabling individuals and organizations to thrive in the evolving field of autonomous driving.

About Carnegie Mellon University

Carnegie Mellon University, based in Pittsburgh, Pennsylvania, USA, is a private, global research university and stands among the world’s most renowned educational institutions. It is considered to be a global leader in computer science, artificial intelligence, machine learning, robotics and drama, among other fields. The Tartan Racing team from Carnegie Mellon won the 2007 DARPA Urban Challenge that triggered the creation of today’s global autonomous vehicle industry.

About Safety21

Funded by the U.S. Department of Transportation as the National University Transportation Center for Safety and led by Carnegie Mellon University, a birthplace of automated vehicles, Safety21 actively seeks to enable and accelerate a safer, more efficient transportation network. By leveraging new technologies and revolutionary trends in transportation, Safety21 aims to research, develop and deploy cutting-edge technologies and policies, and develop workforce and educational programs that directly address the challenges of integrating autonomous, connected, electric and shared vehicles with a transformative focus on safety, innovation, and economic growth.

About Professor Raj Rajkumar

Raj Rajkumar is the George Westinghouse Professor in the Department of Electrical and Computer Engineering at Carnegie Mellon University where he directs the US DOT Safety21 National University Transportation Center and its Metro21 Smart Cities Institute.  He is considered to be a pioneer of connected and autonomous vehicle technologies.

Media Contact
pr@tier4.jp

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SOURCE Tier IV, Inc.

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SiriusXM Declares Quarterly Cash Dividend

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NEW YORK, July 22, 2026 /PRNewswire/ — SiriusXM (NASDAQ: SIRI) today announced that its Board of Directors declared a quarterly cash dividend of $0.27 per share of common stock. This regular quarterly dividend is payable in cash on August 26, 2026, to stockholders of record at the close of business on August 10, 2026.

About Sirius XM Holdings Inc.
SiriusXM is the leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions. Together, SiriusXM reaches a combined monthly audience of approximately 255 million listeners. SiriusXM offers a broad range of content for listeners everywhere they tune in with a diverse mix of live, on-demand, and curated programming across music, talk, news, and sports. For more about SiriusXM, please go to: www.siriusxm.com.

Source: SiriusXM

Investor contacts:
Jennifer DiGrazia
investor.relations@siriusxm.com 

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SOURCE Sirius XM Holdings Inc.

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Shutterstock Announces Capital Allocation Update

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NEW YORK, July 22, 2026 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) (the “Company”), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced that at a meeting held on July 20, 2026 its Board of Directors (the “Board”) resolved to suspend the Company’s future quarterly cash dividend.

The Board’s determination reflects its ongoing review of the Company’s capital-allocation priorities and its focus on deploying capital to support long-term value creation for shareholders, including reducing debt, minimizing related interest expense and strengthening financial flexibility.

The Board will continue to evaluate the Company’s capital allocation priorities as part of its regular governance process. Any future declaration and payment of dividends, and the amount thereof, will remain subject to the discretion of the Board and will depend upon the Company’s results of operations, financial condition, capital requirements, contractual restrictions, applicable law, and such other factors as the Board deems relevant.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may discuss intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise. Forward-looking statements speak only as of the date they are made and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will occur. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “could,” “expects,” “intends,” “may,” “might,” “ongoing,” “plans,” “seeks,” “should,” “will,”  or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those indicated or anticipated by such forward-looking statements. The forward-looking statements in this press release relate to, among other things, the Company’s capital allocation strategy, the suspension of the Company’s quarterly cash dividend, the Company’s plans with respect to debt reduction, interest expense management and financial flexibility, and any future declaration and payment of dividends. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the sections captioned “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s Quarterly Reports on Form 10-Q, and the Company’s other filings with the Securities and Exchange Commission. While those factors are considered representative, no list of risk factors should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The Company assumes no obligation to update forward-looking statements, and the Company disclaims any such obligation, except as may be required by law.

About Shutterstock
Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives, and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock offers access to one of the world’s largest and most diverse collections of high-quality licensable assets, specialized training datasets, evaluation tools, and end-to-end strategic partnerships for the full model training lifecycle, as well as advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.

Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.

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SOURCE Shutterstock, Inc.

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ICI Welcomes Bipartisan Sponsors of Bill to Stop States from Seizing Long-Term Investors’ Savings

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WASHINGTON, July 22, 2026 /PRNewswire/ — The Investment Company Institute released the following Viewpoints blog. To learn more about why this issue matters and how the SAFER Act would help protect American investors, watch our video on LinkedIn.

Millions of American investors have adopted the advice given by financial advisors to invest for the long term and then leave those savings alone. In some states, however, following this guidance can get your account seized. That was the warning sounded at an event featuring the sponsors of the bipartisan SAFER Act, Representatives Sam Liccardo (D-CA) and Mike Lawler (R-NY), who joined ICI leaders to make the case for a federal solution to the problem of state unclaimed property laws that can treat buy-and-hold investors as though they have disappeared. 

ICI President and CEO Eric Pan opened the event by outlining the nature of this growing threat. More than 128 million Americans invest in regulated funds, many with the intention of holding them for years, following the advice of many financial educators to “stay in the market, invest for the long term.” They put their money away and go about their lives, confident that the savings will be there when they need it. But under some states’ laws, an account that shows no activity can be declared abandoned and taken into state custody through a process called escheatment.

Pan walked through what seizure means in practice. When a state escheats an investment account, it typically liquidates the holdings — so even an investor who eventually recovers the money gets back only what the account was worth at seizure, with no credit for years of market gains. For retirement accounts, the forced liquidation can also trigger unforeseen tax consequences. And recovering the money at all can take years of paperwork and persistence. Meanwhile, some states are moving in the wrong direction, loosening their rules to make it easier to capture assets. 

“This is where the leadership of Congressmen Lawler and Liccardo is so important,” Pan said. “They’ve introduced the SAFER Act, a federal solution to a problem that exists across the United States. This patchwork of different legal standards, and the fact that the legal standards change constantly, creates a lot of confusion and creates this risk and harm that we’re so worried about.” 

In a panel discussion, the two lawmakers described the issue as an obvious place for Democrats and Republicans to find common ground, given Americans’ widespread use of investment accounts for saving.

“We are, for the most part, a group of Americans who sit on our investments, which is more or less the right strategy,” Liccardo said, noting that this is exactly the approach that inactivity standards put at risk. 

Liccardo pointed to the widely reported case of Walter Schramm, an investor who bought Amazon shares in the late 1990s and then did what many long-term investors do: leave the account be. Delaware deemed the account abandoned and liquidated the shares in 2008, when they worth about $8,000. By the time Schramm discovered what happened years later, the position would have been worth roughly $100,000.

The financial incentives driving state behavior are a concern, Liccardo noted. Unclaimed property has become one of Delaware’s largest sources of revenue, bringing in more than half a billion dollars a year — a powerful reason for states to loosen their standards rather than tighten them. 

Lawler contrasted legitimate unclaimed property programs and what some states are doing now. “It’s one thing to get an asset because it’s truly abandoned,” he said. “It’s another to basically target a group of investors who have a long-term strategy of just not touching the asset and being passive.”

The right standard, Lawler argued, is the obvious one: before seizing investment assets, a state should have to prove the owner is actually deceased. He posited that most Americans would be shocked to learn how little protection they have. “You think you have ownership of this asset, but the state, under current law, can just take it.”

The SAFER Act would establish federal guardrails ensuring that inactivity alone cannot be the basis for escheatment and that states confirm the death of an owner and that no estate or beneficiary has claimed the assets before escheating investment accounts. It would also require states to leave unclaimed investments in place, rather than liquidating them, until they can prove abandonment.

Both lawmakers said the path to fixing the problem is through public awareness of the threat some state laws pose to Americans financial security. “Ultimately the American people will rise up,” Liccardo said. “It may take a little while. We just have to get the information to them.”

Contact: media@ici.org 

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SOURCE Investment Company Institute

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