Foresight: Eye-Net Mobile to Begin Pilot Project with Second Japanese Multinational Company
August 28 2020 - 7:30AM
Business Wire
The multi-billion-dollar electronics company
will evaluate the Eye-Net™ Protect accident prevention solution for
possible integration into its dashboard cameras
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
wholly owned subsidiary, Eye-Net Mobile Ltd., will start a pilot
project with a multi-billion-dollar multinational Japanese
electronics company to test its Eye-Net™ Protect cellular-based V2X
(vehicle-to-everything) accident prevention solution. This is the
second pilot project the Company announced this month, following
the announcement about a pilot project with a multi-billion-dollar
global Japanese technology company to test Eye-Net Mobile's
solution.
The pilot project will be used to validate and evaluate the
software development kit (SDK) configuration of the Eye-Net
solution and its technical specifications. Upon successful
evaluation, the Japanese electronics company, which implements
hundreds of thousands of units of advanced dashboard cameras
(dashcams) every year, may proceed to integrate the Eye-Net
solution into its dashcams.
According to recent reports by Grand View Research, the global
dashboard camera market size is expected to reach around $7.5
billion by 2027. An estimated 36.1 million dashcams were sold in
2019, more than 10 million of which were advanced dashcams.
Advanced dashboard cameras come with parking motion detection, GPS
support, and Wi-Fi connectivity. These features, coupled with
government regulations and increasing awareness regarding vehicle
safety, are expected to drive demand for advanced dashcams in the
coming years.
“This second pilot project is a vote of confidence from another
Japanese company, that reinforces our market penetration strategy,
targeting the smart devices and services market, including
dashcams, head-up displays, wearable devices, navigation aids, and
IoT platforms,” said Dror Elbaz, COO & Deputy CEO of Eye-Net
Mobile. “We decided to focus on the Japanese market, which is often
characterized by early adopters of new technologies and
innovations, enabling quick market penetration. Concentrating on
one geographic region will help us to achieve a critical mass of
Eye-Net Protect users in a defined area, thus increasing the chance
of preventing accidents and saving lives.”
The Eye-Net Protect V2X solution is designed to protect the most
vulnerable road users in real time—including pedestrians, cyclists,
scooter drivers and car drivers—by providing collision alerts when
the road users have no direct line of sight. An SDK configuration
allows Eye-Net Mobile to integrate its solution with leading
location-based products such as wearable devices, dashboard
cameras, navigation aids, infotainment systems, third-party
applications and other smart devices.
For more information about Eye-Net Mobile, please visit
www.eyenet-mobile.com, or follow the Company’s LinkedIn page,
Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel,
Eyenetmobile1, the contents of which are not incorporated into this
press release.
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 sensors systems for the
automotive industry. 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” cellular-based applications. Foresight’s
vision sensor is a four-camera system based on 3D video analysis,
advanced algorithms for image processing, and sensor fusion.
Eye-Net Mobile’s cellular-based application is a V2X
(vehicle-to-everything) accident prevention solution based on
real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by
enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Foresight is targeting
the Advanced Driver Assistance Systems (ADAS), the semi-autonomous
and autonomous vehicle markets and predicts that its systems will
revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology.
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
the pilot project with the Japanese electronics company, that upon
successful evaluation, the Japanese electronics company may proceed
to integrate the Eye-Net solution into its dashboard cameras, the
size of the dashboard camera market, the potential of the company’s
products, and the company’s market penetration strategy. 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.
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Investor Relations Contact Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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