Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG, executed an agreement in which Knorr-Bremse will invest $10 million in Rail Vision for a 21.3% share of Rail Vision. The investment will be made in two installments. Additionally, Knorr-Bremse has been issued warrants to purchase further shares of Rail Vision and will appoint a director and two non-voting observers to Rail Vision’s board of directors. After completion of the investment, Foresight’s holdings in Rail Vision will be 25.53% on a fully diluted basis. “We are excited about this strategic investment from Knorr-Bremse as a shareholder. As a leading supplier of rail subsystems, Knorr-Bremse’s investment further strengthens our unique technology and the growing demand for efficient solutions for the rail industry,” Rail Vision CEO and founder Elen Katz stated in the news release. “We believe that this partnership will support us in commercializing our technology and help raise our credibility in the market. In addition, we are confident that securing the financing will strengthen our performance and economic outlook.”
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About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., 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 predicts 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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