NESS ZIONA, Israel – (BUSINESS WIRE) – Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in image processing systems for the automotive industry, today announced the signing of a joint Proof of Concept (POC) project with an American subsidiary of a leading European car manufacturer. The project aims to test the capabilities of Foresight’s stereoscopic technology to improve the vehicle manufacturer’s existing active safety functions without the need for additional sensors and infrastructure. After successful completion of the project and a satisfactory result, the vehicle manufacturer can consider integrating Foresight’s solutions into its vehicle safety applications.
The project, which is based on a predefined technological specification sheet, consists of two phases: a feasibility test phase followed by a simulation and a real test phase. The total expected consideration for the POC is up to $ 120,000.
“We are pleased to have been selected by one of the leading European car manufacturers to carry out a proof-of-concept project to test our ability to improve existing mono-camera-based security systems with our advanced stereoscopic technology,” said Haim Siboni, CEO of foresight. “This project can allow us to offer a solution that can easily be used in vehicles with level 2 and 3 autonomy systems. In addition, vehicle manufacturers can take existing security systems to the next level of autonomy without the complications caused by new hardware integrations and design changes, which often result in slower production times and additional costs. We believe this project will lead to potentially expanded opportunities with other leading automakers around the world. ”
The proof-of-concept project is made possible by Foresight’s patented automatic calibration solution, which aims to create a stereo system with two mono cameras with overlapping fields of view to improve the performance of a vehicle’s Advanced Driver Assistance System in terms of detection quality. Distance accuracy and robustness.
About foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company that develops intelligent multispectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiary, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” solutions for accident prevention.
Foresight’s vision solutions include auto calibration, sensor fusion and dense 3D point cloud modules that can be applied to various markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. The cellular-based solution suite from Eye-Net Mobile offers real-time warnings of collisions in order to improve road safety and situational awareness for all road users in the urban mobility environment through the integration of the latest AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, please visit www.foresightauto.com, follow @ ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects,” “expects,” “intends,” “plans,” “believes,” “aims,” “estimates,” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight uses forward-looking statements in this press release when discussing the benefits and capabilities of its products, the results of the proof-of-concept project, which the vehicle manufacturer may consider upon successful completion of the project and satisfactory integration of Foresight -Solutions in its vehicle safety applications and the expected consideration of the proof-of-concept project. Because such statements relate to future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties and the actual results, performance or accomplishments of Foresight could differ materially from those described or implied in the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Foresight’s Annual Report on Form 20-F, which has been filed with the Securities and Exchange Commission (“SEC”). on March 30, 2021 and on all subsequent filings with the SEC. Unless otherwise required by law, Foresight undertakes no obligation to publicly announce changes to these forward-looking statements to reflect events or circumstances after the date of this document or the occurrence of unexpected events. References and links to websites are provided for convenience and the information contained on these websites is not incorporated by reference in this press release. Foresight is not responsible for the content of third party websites.
