Foresight Announces Another Sale of QuadSight™ Prototype
July 11 2018 - 2:00AM
Business Wire
The system was ordered by a leading global
Chinese electric vehicle manufacturer
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, today announced the sale of
another prototype of its breakthrough QuadSight™ quad-camera vision
system targeted for the semi-autonomous and autonomous vehicle
market.
Designed to allow near-100% obstacle detection under any weather
and lighting conditions, the system was ordered by a leading
Chinese electric and autonomous vehicle manufacturer to evaluate
the system and its performance with the manufacturer’s current
electric vehicles. The vehicle manufacturer may choose to integrate
QuadSight™ into its future autonomous electric vehicles upon
successful testing. Revenue from the prototype system sale is
expected to total tens of thousands of dollars.
“According to a report by Frost & Sullivan earlier this
year, more than 1.2 million electric vehicles were sold globally in
2017. Notably, China led the market with 49.5% of total sales,”
stated Doron Cohadier, Foresight’s VP of Business Development.
“With China expected to be the largest market for electric vehicles
for at least the next five to seven years, and as analysts at
Boston Consulting Group predict that more than five million
conventional cars per year could be replaced by fully or
semi-autonomous electric vehicles, we feel that our QuadSight™
system is well suited for the evolving Chinese electric vehicle
market.”
This and any future sale of QuadSight™ prototypes is expected to
provide Foresight with important customer feedback and a deeper
understanding of each customer’s main requirements, while also
allowing Foresight to modify the system to accommodate various
customer needs within a short period of time. Customer satisfaction
at the end of the evaluation process may lead to orders of
QuadSight™ systems by the vehicle manufacturer for mass
production.
By selling additional prototypes, Foresight intends to increase
awareness of its unique solution, address additional 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 and
commercialization of the QuadSight™.
About QuadSight™ Foresight
first launched a demo of its QuadSight™ system in January at the
Consumer Electronics 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 the
QuadSightTM system may be integrated into the manufacturer’s future
vehicles, amount of revenue, that the QuadSight™ system may be well
suited for the evolving Chinese electric vehicle market, that sales
of QuadSightTM prototypes are expected to provide important
customer feedback, that sales of QuadSightTM prototypes will
strengthen relationships with potential customers, that customer
satisfaction may lead to orders of QuadSightTM systems by the
vehicle manufacturer, increasing awareness of its unique solution,
addressing potential customers, expanding presence by selling
additional prototypes, and that a closer evaluation of the
technology by potential customers may lead to future collaborations
in research and development, integration and commercialization of
the QuadSight™. 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 automotive tier one
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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