diff --git a/utils/neuralmagic/version.py b/utils/neuralmagic/version.py
index 82b60f7b9c5d..3db186d6789a 100644
--- a/utils/neuralmagic/version.py
+++ b/utils/neuralmagic/version.py
@@ -5,7 +5,7 @@
 from datetime import date
 
 
-nm_version_base = "1.6.0"
+nm_version_base = "1.7.0"
 yolov5_version_base = "60200"  # 6.2.0
 is_release = False  # change to True to set the generated version as a release version