Foresight Secures Additional Sale of QuadSight™ Prototype
August 28 2018 - 1:00AM
Business Wire
Leading European vehicle manufacturer orders
QuadSight™ prototype
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the
additional sale of a prototype of its breakthrough QuadSight™
quad-camera vision system. The QuadSight™ multi-camera vision
solution targets the semi-autonomous and autonomous vehicle market
and is designed to allow near-100 percent obstacle detection with
near zero false alerts under any weather and lighting conditions.
The stereoscopic technology system was ordered by the truck
division of one of Europe’s largest vehicle manufacturers. Revenue
from the prototype system sale is expected to total tens of
thousands of dollars.
This is the second sale of QuadSight™ prototype system to a
leading European original equipment manufacturer (OEM)
demonstrating the company’s clear strategy to cooperate with
leading European OEMs. According to a Mordor Intelligence report
earlier this year, the long-term market potential for autonomous
vehicles and advanced accident prevention systems is projected at
$60 billion by 2030, with automotive vision and V2X technological
solutions playing a key role in reaching that target.
Foresight believes that sales of QuadSight™ prototypes will
strengthen its relations with potential customers. Customer
satisfaction at the end of the evaluation process is expected to
lead to a large order of QuadSight™ systems by the vehicle
manufacturer for mass production.
“This is the third order from different automotive manufacturers
Foresight has received over the last 3 months, showing the
industry’s interest in the company’s revolutionary technology,”
said Haim Siboni, CEO of Foresight. “In addition, it proves that
the industry has a strong need for an all-weather and lighting
conditions vision system for semi and fully autonomous
vehicles.”
By selling additional prototypes, Foresight intends to increase
awareness of its unique solutions, address potential customers, and
expand its presence with vehicle manufacturers and Tier One
automotive suppliers. Foresight believes that a closer evaluation
of the technology by potential customers may lead to future
collaborations in research and development, integration, production
and more.
About QuadSight™
Foresight first launched a demo of its QuadSight™ system last
January at the CES show in Las Vegas. Foresight regards QuadSight™
as the industry’s most accurate quad-camera vision system, offering
exceptional obstacle detection for semi-autonomous and autonomous
vehicle safety. Using proven, highly advanced image-processing
algorithms, QuadSight™ uses four-camera technology that combines
two pairs of stereoscopic infrared and daylight cameras. QuadSight™
is designed to achieve near-100% obstacle detection with near zero
false alerts under any weather or lighting conditions – including
complete darkness, rain, haze, fog and glare.
Stereoscopic vision technology’s exceptional three-dimensional
(3D) images, detection and accuracy are essential for safe and
reliable semi-autonomous and autonomous vehicle vision systems.
Stereoscopic cameras exceed a human driver’s ability to see objects
in real time, whether large or small, in-motion or static, and from
short or long-range distances. The dynamic driving environment
demands a level of accuracy that only stereoscopic cameras can
provide.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX),
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.
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," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, Foresight is using
forward-looking statements in this press release when it discusses
that this and any future sale of QuadSight™ prototypes gives
Foresight a deeper understanding of the customers’ main
requirements, which allows modification of the Quadsight system
within a short period of time to accommodate each individual
company; long-term market potential for autonomous vehicles and
advanced accident prevention systems; strengthening relations with
potential customers; and that customer satisfaction at the end of
the evaluation process is expected to lead to a large order of
QuadSight™ systems by the vehicle manufacturer for mass production.
In addition, Foresight is using forward-looking statements when it
discusses that it intends to increase awareness of its unique
solutions, to address potential customers and expand its presence
with vehicle manufacturers and Tier One automotive suppliers by
selling additional prototypes. Because such statements deal with
future events and are based on Foresight’s current expectations,
they are subject to various risks and uncertainties, and actual
results, performance or achievements of Foresight could differ
materially from those described in or implied by 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 filed with the Securities
and Exchange Commission ("SEC") on March 27, 2018, and in any
subsequent filings with the SEC. Except as otherwise required by
law, Foresight undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
Foresight is not responsible for the contents of third party
websites.
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version on businesswire.com: https://www.businesswire.com/news/home/20180827005588/en/
Investor Relations:MS-IR LLCMiri Segal-Scharia,
917-607-8654CEOmsegal@ms-ir.com
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