Automotive technology innovator Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) this morning announced its entry into a non-binding development and investment agreement with RH Electronics Ltd., a primary contractor in the assembly and manufacture of electronic systems. Under the agreement, RH will engage directly and/or through its approved contractor, Tonson Labs, to develop chip-based FPGA and ASIC solutions for Foresight’s four-camera vision system, QuadSight, in a multi-phase project. According to the update, RH will lay the infrastructure for an FPGA-board platform in the initial phase of the project; it intends to proceed with the development and manufacture of an ASIC chip for the QuadSight system following successful completion of phase 1 and acceptance tests.
“We are very excited about this important strategic alliance with RH that aims to enable us to achieve important future technological milestones,” Foresight CEO Haim Siboni stated in the news release. “RH’s intended investment at a premium over the share market price marks a significant show of confidence in Foresight’s technology. RH’s engineering, developing and manufacturing capabilities are of great value to Foresight, making them an ideal partner for our future roadmap.”
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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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