- 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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