Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, announced the completion of phase 2 of a proof of concept (“POC”) project conducted with a leading European vehicle manufacturer; FRSX announced the project in May of this year. According to the announcement, the company saw $80,000 revenue from the completion of this phase, bringing total project revenue to $120,000. The project was designed to test the ability of Foresight’s proprietary stereoscopic technology to augment the mono camera-based safety systems the vehicle manufacturer was already using. Specifically, the project looked at detection quality, distance accuracy and robustness that would enable the vehicle manufacturer to develop even more effective safety systems. The two companies are now evaluating future involvement, including a joint development project with potential commercialization of Foresight’s technology. “We recognize a market trend among vehicle manufacturers that are looking for solutions to enhance existing sensors,” said Foresight CEO Haim Siboni in the press release. “In our case, we are targeting mono camera-based systems that are already integrated into almost every vehicle with level 2 autonomous capabilities. Vehicle manufacturers seem to be very interested in our solution, which enables them to convert their existing mono camera-based systems to stereo, and we believe that it has a significant market penetration potential.”
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About Foresight Autonomous Holdings Ltd.
Foresight is a technology company developing smart multispectral vision software solutions and cellular-based applications. 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” accident-prevention solutions. Foresight’s vision solutions include modules of automatic calibration, sensor fusion and dense 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.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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