- 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://nnw.fm/8dcGM) (http://nnw.fm/S0kKL). The global autonomous vehicle market is expected to reach $54.23 billion by 2026 (http://nnw.fm/qh9F0). 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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