Automotive technology company Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) this morning reported its financial results for the second quarter of 2018. Among the highlights, the company ended the three-month period with $19.6 million in cash and short-term deposits, up from $18.3 million the previous year. Foresight also highlighted its progress toward commercializing its innovative automotive vision technology. “During the second quarter, we announced the first sales of our QuadSight™ prototype. The prototypes were ordered by a truck division of a large European vehicle manufacturer and by a leading global Chinese electric vehicle manufacturer, as both companies indicated their interest in the significant advances in obstacle detection offered by the QuadSight™ system,” Haim Siboni, CEO of Foresight, stated in the news release. “These prototype sales will enable us to collect customer feedback and modify the system to better meet customer needs in the future. We are confident that these sales, along with the progress in commercializing our Eyes-On™ system, offer a clear path to increased revenues and an enhanced product offering in the future.”
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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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