Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, announced that affiliate Rail Vision Ltd. (NASDAQ: RVSN) has entered into a supply contract with a leading U.S.-based rail and leasing services company. The contract, which is estimated to be worth up to $5 million, is for the purchase of Rail Vision’s artificial intelligence (“AI”)-based Switch Yard Systems. The first phase of the contract is valued at $1 million, with follow-on orders for additional systems worth up to $4 million, subject to customer approval. According to the announcement, if specific purchase quotas are met, the contract also provides the customer with exclusivity in the North American industrial railyards switching segment. Rail Vision’s Switch Yard System allows railway operators to streamline and enhance the safety of their industrial switching operations by combining advanced-vision sensors with AI and deep-learning technologies. A technology company working to revolutionize railway safety and the data-related market, Rail Vision is dedicated to developing cutting-edge, artificial intelligence-based, industry-leading technology designed for railways. Foresight owns 10.2% of Rail Vision’s outstanding share capital.
“The signing of the contract with this customer is a significant milestone for Rail Vision, marking our entrance into the U.S. market and reflecting our commitment to enabling the rail industry with cutting-edge AI-based technology,” said Rail Vision CEO Shahar Hania in the press release. “Our Switch Yard System is designed to significantly improve safety and efficiency in rail yards. We are proud that our new customer, a prominent player in the rail services sector in North America, has recognized the value of our solution. This new partnership is a testament to the innovation and effectiveness of Rail Vision’s technology, and we look forward to working closely with this customer to help them enhance operations and contribute to a safer, more efficient rail industry.”
To view the full press release, visit https://ibn.fm/mXzJ2
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings is a technology company developing smart multispectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiaries — Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd. — Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. Foresight vision solutions include modules of automatic calibration and dense three-dimensional (“3D”) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time, precollision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics. For more information, visit the company’s website at www.ForesightAuto.com.
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