Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has announced that its affiliate, Rail Vision Ltd., has entered into an agreement with Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG (Frankfurt: KBX). The agreement notes that Knorr-Bremse, a multibillion-dollar European-based group, will make an investment of $10 million in Rail Vision. This follows a similar investment of $10 million made by Knorr-Bremse in 2019. With both investments in place, Knorr-Bremse will own 36.79% of Rail Vision’s outstanding share capital. In addition, Rail Vision received a call option, available when certain conditions are met, which calls for an additional $5 million under the same investment terms. Following this investment, Foresight’s holdings in Rail Vision will total 19.34% (16.49% on a fully diluted basis). Rail Vision provides cutting-edge cognitive vision sensor technology designed to increase safety in the railway industry. “Knorr-Bremse’s continued investment marks a vote of confidence in Rail Vision’s unique technology and its solutions for the rail industry. We believe that further securing Rail Vision’s finances will strengthen the company’s performance and support its commercialization and market penetration efforts, said Foresight CEO Hai Siboni in the press release.
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About Foresight Autonomous Holdings Ltd.
Foresight, founded in 2015, is a technology company engaged in the design, development and commercialization of stereo/quad-camera vision systems 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 semi-autonomous and autonomous vehicle markets. The company predicts that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.ForesightAuto.com
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