- Foresight
sets primary goal to sell prototype systems of QuadSight, its
multi-spectral vision system for autonomous vehicles
- The
company looks to establish mutual cooperation with key clients in
automotive industry
- Foresight
moves forward with plans to sell its Eyes-On automotive vision system to a
leading Israeli vehicle importer
- Global
autonomous vehicle market expected to reach $54.23 billion by 2026
While 2017 was the year of the electric vehicle, 2018 is
slated to be the year of autonomy. Elon Musk predicted a fully autonomous Tesla
(NASDAQ: TSLA) model by 2018, and General Motors Company (NYSE: GM) is slated
to put its version of a fully autonomous car into production in 2019 (http://ibn.fm/E1B0r) (http://ibn.fm/4Fj3c). The global
autonomous vehicle market is expected to reach $54.23 billion by 2026 (http://ibn.fm/zG5aG). Well
positioned to take advantage of the upcoming autonomous vehicle boom is
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), a technological
innovator in automotive vision systems and driver assistance technology working
to solve the complex nuances of autonomous driving.
Foresight creates products and solutions designed to drive
the future of the semi- and fully-autonomous vehicle industry. The company was
first conceptualized as a spin-off of major shareholder Magna B.S.P., an
Israeli company that has provided innovative homeland security and surveillance
technology solutions for the last 20 years. Foresight now uses the same
technology to power two of its unique solutions: QuadSight and Eyes-On.
Foresight’s third solution, EyeNet, is a cellular-based V2X accident prevention
system.
Foresight recently signed a non-binding memorandum of
understanding (“MOU”) with a leading importer of vehicles to Israel for the
sale of its Eyes-On system for aftermarket configuration. As a first step,
Foresight and the importer will carry out a pilot project using a beta version
of the Eyes-On system during which the system will be integrated into a number
of models from the importer’s fleet of vehicles. The MOU could potentially see
the importer order 21,000 Eyes-On systems over three years. Eyes-On is an
advanced driver assistance system (“ADAS”) that uses two cameras and
stereoscopic technology to detect potential obstacles with a very high degree
of accuracy. Stereoscopic technology uses two synchronized cameras to imitate
human depth perception. Eyes-On is available as both an OEM and a retrofit
solution.
Foresight’s focus for 2018 is QuadSight, according to a
recent interview given by VP of Business Development Doron Cohadier. QuadSight
is a multi-spectral vision system that uses four cameras (two visible light and
two infrared cameras) to provide safety in all weather and lighting conditions,
including extreme weather situations. One of Foresight’s main goals for this
year is the sale of several QuadSight prototype systems. Foresight recently
sold a couple of these prototype systems.
“These prototype systems will allow us to be in connection
with various key stakeholders within the automotive industry at an early
stage,” Cohadier explained in a news release. “And following that, we want to
establish mutual cooperation with these key clients in the automotive
industry.”
Foresight’s operates as a holding company with three pillars
under it: Foresight Automotive Ltd., Eye-Net and Rail Vision. Foresight
Automotive is dedicated to developing advanced accident prevention systems and
solutions based on vision systems and stereoscopic technology, while EyeNet is
focused on development of the EyeNet V2X (vehicle-to-everything) cellular-based
accident prevention system that provides real-time pre-collision alerts to
vehicles and pedestrians using smartphones and cellular networks. Rail Vision,
of which Foresight has 35 percent equity, develops advanced systems for railway
safety.
Another large goal for Foresight in 2018 is to complete the
spinoff and merger of Eye-Net with Israeli company Tamda Ltd. (TASE: TMDA). The
two companies signed a merger agreement in early May that will see Foresight
establish a wholly owned subsidiary. Foresight will then transfer to the
subsidiary all of Foresight’s rights and intellectual property for Eye-Net for
no consideration. Upon closure of the merger, Foresight has agreed to transfer
100 percent of the share capital of the newly-created subsidiary to Tamda in
exchange for approximately 74.49 percent of Tamda’s share capital as of the
closing date of the transaction.
Foresight is well-positioned to reach these goals. The
company recently attracted private placement agreements from several leading
Israeli institutional investors. Harel Insurance invested $5.5 million, while
Meitav Dash Group invested $4.1 million and Psagot Investment House another
$1.4 million.
Cohadier also spoke to Foresight’s strong strategic
positioning, saying “At the end of the day, an autonomous vehicle will have a
few technologies on them for sensors for redundancy purposes. Basically, there
won’t be one winning technology, there will be quite a few. But what we
understood is vision will always be needed. Vision is the only sensor that can
actually identify lanes, traffic signs, traffic lights, colours… If vision will
always be needed and you require [it], you might as well have the best vision
systems. We want to provide the market with the best vision systems.”
For more information, visit the company’s website at www.ForesightAuto.com
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