- Foresight
becomes largest shareholder in Rail Vision Ltd.
- Chinese
company purchases prototype of Foresight’s breakthrough quad-camera vision
system
- Foresight
strengthens position as leader in providing vision solutions
A leading innovator in automotive vision systems and driver
assistance technology, Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE:
FRSX) has become the largest shareholder of Rail Vision Ltd. To reach this
status, Foresight exercised $2.24 million of warrants, raising its ownership
stake to approximately 35 percent of issued and outstanding shares and 34
percent on a fully diluted basis.
Focused on revolutionizing the rail industry with obstacle
detection solutions, advanced imaging and deep-learning technologies, Rail
Vision, in December 2017, successfully completed a trial of its unique
vision-based system. The trial, conducted in partnership with a leading
European railway company, demonstrated the system’s real-time capabilities to
detect and identify obstacles at distances of several hundred meters under
harsh conditions with minimal light.
“Foresight is pleased to increase its investment in Rail
Vision,” Haim Siboni, CEO of Foresight, stated in a news release. “We believe
that, like in the automotive space, the next step is to provide trains with
sensors and processing capabilities, to prevent accidents, reduce downtime, and
increase productivity. Rail Vision is uniquely positioned to offer these
functionalities and provide systems, which have the potential to significantly
reduce maintenance costs. Rail Vision is a leader in cognitive vision systems
that detect objects before a train and make real-time decisions. We strongly
believe that Rail Vision’s capabilities will become the standard in this
market.”
In addition, Foresight announced a prototype sale of its
breakthrough QuadSight quad-camera vision system designed for use in the
autonomous and semi-autonomous vehicle market. A leading Chinese manufacturer
of electric and autonomous vehicles ordered the prototype in order to evaluate
the system’s performance with its current electric vehicles. Depending on the
test results, the overseas manufacturer could implement QuadSight into future
electric autonomous vehicle designs, a move that could mean significant revenue
generation for Foresight.
“According to a report by Frost & Sullivan earlier this
year, more than 1.2 million electric vehicles were sold globally in 2017,”
Doron Cohadier, Foresight’s vice president of Business Development, added in a
news release. “Notably, China led the market with 49.5 percent of total sales.
With China expected to be the largest market for electric vehicles for at least
the next five to seven years, and as analysts at Boston Consulting Group
predict that more than five million conventional cars per year could be
replaced by fully or semi-autonomous electric vehicles, we feel that our
QuadSight system is well suited for the evolving Chinese electric vehicle
market.”
Foresight gathers customer feedback and a greater
understanding of its customers’ needs and requirements with each prototype
sale. This information allows Foresight to modify the QuadSight system within a
short period of time to accommodate each individual company’s needs.
These two announcements – becoming Rail Vision’s largest
shareholder and its newest QuadSight sale – highlight Foresight’s continued
commitment to being a leader in providing unique automotive vision systems
solutions, addressing customers’ needs and expanding its presence in the
industry. Foresight will continue to work to secure that presence by
identifying opportunities to work closely with others interested in the
research, development and integration of QuadSight.
For more information, visit the company’s website at www.ForesightAuto.com
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