Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX)
this morning announced that it has increased its ownership in Rail Vision Ltd.,
making the company the largest shareholder. Foresight raised its ownership
stake to roughly 35% of issued and outstanding shares and 34% on a fully
diluted basis by exercising $2.24 million of warrants. Rail Vision develops
unique solutions and vision-based systems for innovative safety, asset and
fleet management in the rail industry. “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,” Foresight CEO Haim
Siboni stated in the news release.
To view the full press release, visit http://ibn.fm/dITau
About Foresight
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX),
founded in 2015, is a technology company engaged in the design, development and
commercialization of stereo/quad-camera vision systems and V2X cellular-based
solutions for the automotive industry. Foresight’s vision systems are based on
3D video analysis, advanced algorithms for image processing and sensor fusion.
The company, through its wholly owned subsidiary Foresight Automotive Ltd.,
develops advanced systems for accident prevention which are designed to provide
real-time information about the vehicle’s surroundings while in motion. The
systems are designed to improve driving safety by enabling highly accurate and
reliable threat detection while ensuring the lowest rates of false alerts. The
company’s systems are targeting the Advanced Driver Assistance Systems (ADAS),
semi-autonomous and autonomous vehicle markets. The company estimates that its
systems will revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology. For more information, visit
the company’s website at www.ForesightAuto.com.
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