Foresight Engages Leading Global Manufacturer of Automotive Stereo Vision Systems for QuadSight® Sale
March 19 2021 - 7:30AM
Business Wire
The Japanese manufacturer purchased a
QuadSight® system prototype for possible enhancement of its
current stereo system capabilities
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the sale of
a prototype of its QuadSight® four-camera vision system to the
American division of a leading Japanese manufacturer of stereo
vision systems for the automotive industry. The manufacturer, which
is a Tier One supplier, will evaluate Foresight’s thermal stereo
capabilities for possible enhancement of its current visible-light
stereo capabilities.
“This first prototype sale to an automotive stereo vision
systems manufacturer validates the market need for Foresight’s
innovative stereo technology and its added value to the automotive
industry. Reliable obstacle detection capabilities in harsh weather
and poor lighting conditions are a key element for ADAS and
autonomous driving,” said Haim Siboni, CEO of Foresight. “Our
QuadSight vision system uses highly accurate thermal and
visible-light sensors that address the requirement to detect any
obstacle and enable safe driving at all times in challenging
weather. We believe that this prototype sale may allow us to expand
our product offering to additional automotive stereo vision
developers and potentially reach major vehicle manufacturers
worldwide.”
According to a report published in September 2020 by the leading
market research and advisory company Technavio, the automotive
stereo camera market size has the potential to grow by $425.68
million over the course of 2020 to 2024. The report claims that 35%
of the market’s growth will originate from North America during the
above mentioned period.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a
technology company developing smart multi-spectral 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
pre-collision 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 about Foresight and its wholly owned
subsidiary, Foresight Automotive, 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," "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 the manufacturer will evaluate Foresight’s thermal stereo
capabilities for possible enhancement of its current visible-light
stereo capabilities, its belief that the prototype sale may allow
the company to expand its product offering to additional automotive
stereo vision developers and potentially reach major vehicle
manufacturers worldwide, and when it discusses potential market
growth. 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 31, 2020, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210319005263/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From Apr 2024 to May 2024
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From May 2023 to May 2024