diff --git a/docs/quick_start.md b/docs/quick_start.md
index d21a554..ff0646b 100644
--- a/docs/quick_start.md
+++ b/docs/quick_start.md
@@ -71,7 +71,7 @@
 python3 -m venv env
 env/bin/python3 -m pip install --upgrade pip
 env/bin/python3 -m pip install --upgrade setuptools
-env/bin/python3 -m pip install ethos-u-vela==3.3.0
+env/bin/python3 -m pip install ethos-u-vela==3.4.0
 cd ..
 
 curl -L https://github.com/ARM-software/ML-zoo/raw/7c32b097f7d94aae2cd0b98a8ed5a3ba81e66b18/models/anomaly_detection/micronet_medium/tflite_int8/ad_medium_int8.tflite \
diff --git a/docs/sections/building.md b/docs/sections/building.md
index eba90b5..6c02b10 100644
--- a/docs/sections/building.md
+++ b/docs/sections/building.md
@@ -84,17 +84,17 @@
 >
 > `export PATH=$(readlink -e resources_downloaded/env/bin):${PATH}`
 
-- Python 3.8 or above is installed. Check your current installed version of Python by running:
+- Python 3.7 or above is installed. Check your current installed version of Python by running:
 
     ```commandline
     python3 --version
     ```
 
     ```log
-    Python 3.8.12
+    Python 3.7.13
     ```
 
-  > **Note:** If you have an older version of Python installed (< 3.8) see the
+  > **Note:** If you have an older version of Python installed (< 3.7) see the
   > [Troubleshooting](./troubleshooting.md#how-to-update-python3-package-to-newer-version)
   > for instruction on how to update it.
 
@@ -113,7 +113,7 @@
   ```
 
   ```log
-  pip 9.0.1 from /usr/lib/python3/dist-packages (python 3.8)
+  pip 9.0.1 from /usr/lib/python3/dist-packages (python 3.7)
   ```
 
 - Make
@@ -324,7 +324,7 @@
 for the default 128 MACs configuration of the Arm® *Ethos™-U55* NPU and for the default 256 MACs configuration of the
 Arm® *Ethos™-U65* NPU.
 
-> **Note:** This script requires Python version 3.8 or higher. Please make sure all [build prerequisites](./building.md#build-prerequisites)
+> **Note:** This script requires Python version 3.7 or higher. Please make sure all [build prerequisites](./building.md#build-prerequisites)
 > are satisfied.
 >
 > **Note:** This script also installs required version of CMake into the virtual environment, which can be used by activating it.
@@ -765,7 +765,7 @@
 > <https://pypi.org/project/ethos-u-vela/>.
 > The source code is hosted on <https://review.mlplatform.org/plugins/gitiles/ml/ethos-u/ethos-u-vela/>.
 
-> **Note:** Using the 22.02 versions of software dependencies will require Vela to be at least version 3.3.0
+> **Note:** Using the 22.05 versions of software dependencies will require Vela to be at least version 3.4.0
 > or you may encounter issues when trying to run applications on different variants of Ethos-U.
 
 The Vela compiler is a tool that can optimize a neural network model into a version that can run on an embedded system
diff --git a/docs/sections/troubleshooting.md b/docs/sections/troubleshooting.md
index 998600a..3603c4b 100644
--- a/docs/sections/troubleshooting.md
+++ b/docs/sections/troubleshooting.md
@@ -6,8 +6,8 @@
   - [NPU configuration mismatch error when running inference](./troubleshooting.md#npu-configuration-mismatch-error-when-running-inference)
   - [Errors when cloning the repository](./troubleshooting.md#errors-when-cloning-the-repository)
   - [Problem installing Vela](./troubleshooting.md#problem-installing-vela)
-  - [No matching distribution found for ethos-u-vela==3.3.0](./troubleshooting.md#no-matching-distribution-found-for-ethos_u_vela)
-    - [How to update Python3 package to 3.8 version](./troubleshooting.md#how-to-update-python3-package-to-newer-version)
+  - [No matching distribution found for ethos-u-vela==3.4.0](./troubleshooting.md#no-matching-distribution-found-for-ethos_u_vela)
+    - [How to update Python3 package to 3.7 version](./troubleshooting.md#how-to-update-python3-package-to-newer-version)
 
 ## Inference results are incorrect for my custom files
 
@@ -105,8 +105,8 @@
  x86_64-linux-gnu-gcc -pthread -Wno-unused-result -Wsign-compare -DNDEBUG -g -fwrapv -O2 -Wall -g
   -fstack-protector-strong -Wformat -Werror=format-security -g -fwrapv -O2 -g -fstack-protector-strong
   -Wformat -Werror=format-security -Wdate-time -D_FORTIFY_SOURCE=2 -fPIC -DNPY_NO_DEPRECATED_API=NPY_1_9_API_VERSION
-  -I/venv/include -I/usr/include/python3.8 -I/venv/lib/python3.8/site-packages/numpy/core/include
-  -c ethosu/mlw_codec/mlw_codecmodule.c -o build/temp.linux-x86_64-3.8/ethosu/mlw_codec/mlw_codecmodule.o
+  -I/venv/include -I/usr/include/python3.7 -I/venv/lib/python3.7/site-packages/numpy/core/include
+  -c ethosu/mlw_codec/mlw_codecmodule.c -o build/temp.linux-x86_64-3.7/ethosu/mlw_codec/mlw_codecmodule.o
     ethosu/mlw_codec/mlw_codecmodule.c:20:10: fatal error: Python.h: No such file or directory
        20 | #include <Python.h>
           |          ^~~~~~~~~~
@@ -119,22 +119,22 @@
 (__file__);code=f.read().replace('"'"'\r\n'"'"', '"'"'\n'"'"');f.close();exec(compile(code, __file__, '"'"'exec'"'"'))'
 install --record /tmp/pip-record-jidxiokn/install-record.txt --single-version-externally-managed
 --compile --install-headers
-/venv/include/site/python3.8/ethos-u-vela Check the logs for full command output.
+/venv/include/site/python3.7/ethos-u-vela Check the logs for full command output.
 ```
 
 To solve this issue install libpython3 on the system.
 
 ## No matching distribution found for ethos-u-vela
 
-Vela 3.3.0 increases Python requirement to at least version 3.8, if not installed on your system the following error will occur:
+Vela 3.4.0 increases Python requirement to at least version 3.7, if not installed on your system the following error will occur:
 
 ```log
-python3 -m pip install ethos-u-vela==3.3.0
-ERROR: Could not find a version that satisfies the requirement ethos-u-vela==3.3.0 (from versions: 0.1.0, 1.0.0, 1.1.0, 1.2.0, 2.0.0, 2.0.1, 2.1.1, 3.0.0, 3.1.0, 3.2.0)
-ERROR: No matching distribution found for ethos-u-vela==3.3.0
+python3 -m pip install ethos-u-vela==3.4.0
+ERROR: Could not find a version that satisfies the requirement ethos-u-vela==3.4.0 (from versions: 0.1.0, 1.0.0, 1.1.0, 1.2.0, 2.0.0, 2.0.1, 2.1.1, 3.0.0, 3.1.0, 3.2.0)
+ERROR: No matching distribution found for ethos-u-vela==3.4.0
 ```
 
-Ensure that the minimum Python 3.8 requirement is installed and it's the default version.
+Ensure that the minimum Python 3.7 requirement is installed and it's the default version.
 Check your current installed version of Python by running:
 
 ```commandline
@@ -155,36 +155,36 @@
    Python 3.6.9
    ```
 
-2. Install the Python 3.8 packages necessary on the system:
+2. Install the Python 3.7 packages necessary on the system:
 
    ```commandline
-   sudo apt-get install python3.8 python3.8-venv libpython3.8 libpython3.8-dev
+   sudo apt-get install python3.7 python3.7-venv libpython3.7 libpython3.7-dev
    ```
 
 3. Update the `python3` alternatives (set as 1 your previous version displayed at step 1):
 
    ```commandline
    sudo update-alternatives --install /usr/bin/python3 python3 /usr/bin/python3.6 1
-   sudo update-alternatives --install /usr/bin/python3 python3 /usr/bin/python3.8 2
+   sudo update-alternatives --install /usr/bin/python3 python3 /usr/bin/python3.7 2
    ```
 
-4. At the prompt, update the configuration by selecting Python3.8 as the chosen default alternative:
+4. At the prompt, update the configuration by selecting Python3.7 as the chosen default alternative:
 
    ```commandline
    sudo update-alternatives --config python3
    ```
 
-5. Python3.8 is now set as default you can check it by running:
+5. Python3.7 is now set as default you can check it by running:
 
    ```commandline
    python3 --version
    ```
 
    ```log
-   Python 3.8.0
+   Python 3.7.0
    ```
 
-> **Note:** After updating to from Python3.6 Python3.8 it may happen that the `gnome-terminal` or the relative
+> **Note:** After updating to from Python3.6 Python3.7 it may happen that the `gnome-terminal` or the relative
 > shortcuts doesn't work anymore.
 > If when opening it from XTerm with `gnome-terminal` the following error appear:
 >
diff --git a/scripts/py/requirements.txt b/scripts/py/requirements.txt
index 7b4045c..966dc82 100644
--- a/scripts/py/requirements.txt
+++ b/scripts/py/requirements.txt
@@ -3,11 +3,11 @@
 llvmlite==0.38.0
 MarkupSafe==1.1.1
 numba==0.55.1
-numpy==1.19.2
+numpy==1.21.6
 Pillow==7.2.0
 pycparser==2.20
 resampy==0.2.2
-scipy==1.8.0
+scipy==1.7.3
 six==1.16.0
 SoundFile==0.10.3.post1
 cmake==3.22.4
diff --git a/set_up_default_resources.py b/set_up_default_resources.py
index c9f83c9..2d055ef 100755
--- a/set_up_default_resources.py
+++ b/set_up_default_resources.py
@@ -381,9 +381,9 @@
     metadata_file_path = download_dir / "resources_downloaded_metadata.json"
 
     metadata_dict = dict()
-    vela_version = "3.3.0"
-    py3_major_version_minimum = 3  # Python > 3.8 is required
-    py3_minor_version_minimum = 8
+    vela_version = "3.4.0"
+    py3_major_version_minimum = 3  # Python >= 3.7 is required
+    py3_minor_version_minimum = 7
 
     # Is Python minimum requirement matched?
     py3_version = sys.version_info
@@ -392,7 +392,7 @@
         or py3_version.minor < py3_minor_version_minimum
     ):
         raise Exception(
-            "ERROR: Python3.8+ is required, please see the documentation on how to update it."
+            "ERROR: Python3.7+ is required, please see the documentation on how to update it."
         )
 
     setup_script_hash_verified = False