Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, on Thursday released its financial results for the second quarter of 2020. According to the update, Foresight ended the second quarter with $17.4 million in cash and short-term deposits. In addition, Foresight today announced that its wholly owned subsidiary, Eye-Net Mobile Ltd., will start a pilot project with a multi-billion global Japanese technology company. The pilot project will test the Eye-Net(TM) Protect cellular-based vehicle-to-everything (“V2X”) accident prevention solution, validating its capabilities and technical specifications. Upon successful completion, the Japanese technology company may proceed with commercial integration of the Eye-Net solution into its internet-of-things (“IoT”) platform, which currently serves millions of users. “This pilot project marks an important milestone on Eye-Net Mobile’s commercial roadmap,” said Eye-Net Mobile COO and deputy CEO Dror Elbaz in the press release. “The technology company will be the first to evaluate the software development kit (“SDK”) configuration of Eye-Net Protect. Integration with a global Japanese company has the potential to allow our life-saving accident prevention solution to protect millions of users daily.”
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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 sensors systems for the automotive industry. Through the company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing, and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident prevention solution based on real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. Foresight is targeting the semi-autonomous and autonomous vehicle markets and 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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