Letter to Shareholders
Dear Shareholders,
The past year was unprecedented in its impact on business
operations, the economy, and our daily lives. As the world begins
to turn the corner on the COVID-19 pandemic with active vaccination
campaigns and ongoing economic support initiatives, I would like to
issue an update on Foresight’s current position and long-term
outlook. The company’s stable business development performance
throughout 2020 was remarkable given the circumstances, and several
key business milestones have set a course for what I believe will
be a successful coming year.
Over the course of 2020, Foresight made inroads in important
markets and verticals with prototype sales of its QuadSight® vision
system. In February 2020, the company received a prototype order
from a multi-billion-dollar Japanese vehicle manufacturer. Three
months later, the company sold a QuadSight prototype to a Tier One
European supplier of commercial vehicles for the autonomous truck
market. In July 2020, Foresight received two orders for product
development and customization from leading Israeli defense company
Elbit Systems Ltd, which signed a first commercial agreement with
Foresight in July 2019 for exclusive marketing of its proprietary
image processing software for the defense, paramilitary and
homeland security markets. Finally, also in July 2020, Foresight
received a prototype order from a multi-billion-dollar global
Chinese technology company. I believe that these sales milestones
demonstrate the diverse market recognition of our technology, as
well as its myriad potential applications across geographies and
industries.
Foresight achieved a noteworthy milestone in April 2020, signing
an agreement with FLIR Systems, the world’s leading manufacturer of
thermal imaging cameras and imaging sensors. We believe that the
integration of FLIR’s thermal cameras into our QuadSight® vision
system increases the performance of our groundbreaking four-camera
solution. Our collaboration with FLIR enables us to introduce our
solutions to new audiences and sales regions, building off of
FLIR’s sterling reputation.
Foresight’s prototype sales success took place in parallel to
several noteworthy technological developments. The year began with
the announcement of significant new features for the QuadSight
vision system, including automatic calibration, multispectral
sensor fusion, and 3D point cloud. These features provide
noticeable improvements to the system’s ability to accurately
measure the size, location and distance of objects, even in
challenging weather and lighting conditions. In September 2020, the
Company announced the development of a commercial version of its
automatic calibration software, enabling it to be offered as a
standalone product.
We believe that multiple key partnerships announced in the
fourth quarter of 2020 indicate that the future is bright for
Foresight and its technology. In early November 2020, the Company
completed integration of its QuadSight software on NVIDIA
platforms, enabling it to be used for shuttles, agriculture and
other heavy equipment. Foresight also announced its participation
in a European project for the development of autonomous heavy-duty
vehicles as part of the All-Weather Autonomous Real logistics
operations and Demonstrations (AWARD) consortium. The AWARD
consortium received a funding grant of nearly 20 million Euro from
the European Commission. In December 2020, Foresight announced its
participation in the University of Michigan’s TechLab at Mcity 2021
startup cohort, where the company will further develop its
automotive vision system.
During the past year, Foresight strengthened its intellectual
property with the approval of its “running vehicle alerting system
and method” patent received from both the U.S. Patent and Trademark
Office and the Chinese Patent Office. The Company also submitted
three patent applications pertaining to multiple-sensor camera
systems, including its automatic calibration software.
The company solidified its financial position throughout 2020
with multiple successful capital raises. Foresight announced three
capital raises in the second quarter of 2020, raising a total of
$14.4 million, while the company announced a registered direct
offering in late December totaling $26 million. Foresight entered
2021 with a robust balance sheet and strong business fundamentals,
putting the company in an advantageous position for global
expansion and growth.
In spite of the pandemic, 2020 was a noteworthy year for both
Eye-Net Mobile, Foresight’s wholly owned subsidiary, and Rail
Vision, Foresight’s affiliate (Foresight owns approximately 19% of
Rail Vision’s outstanding shares). Eye-Net Mobile announced the
launch of multiple pilot programs with leading Japanese
multinational companies, pursuing the company’s strategy of
achieving a critical mass of users in a single geographic area to
demonstrate the technology’s potential for preventing accidents and
saving lives.
In April 2020, Rail Vision received its first commercial order,
valued at approximately 500,000 Euro, for a prototype of its
shunting yard system from a leading European train operator. In
addition, Rail Vision signed a commercial agreement in September
2020 with an affiliate of Knorr-Bremse AG (KBX.DE), where
Knorr-Bremse will supply Rail Vision’s Assisted Remote Shunting
(ARS) systems to a leading European train operator for a total
potential value of 2.3 million Euro, with an additional option for
3.5 million Euro. Furthermore, in December 2020, Rail Vision
received another order for two samples from Knorr-Bremse, thereby
entering the multi-billion-dollar electrically powered light rail
vehicle market.
I appreciate your continued trust and support as we work to make
the future of transportation safer and more efficient. I am
grateful to our outstanding and dedicated employees, and I am
confident that we will continue to deliver successful milestones as
we emerge from these challenging times stronger than ever.
Sincerely,
Haim Siboni
Founder & CEO, Foresight Autonomous Holdings
Forward-Looking Statements
This letter to shareholders 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 letter to shareholders when it
discusses the belief that several key business milestones in 2020
have set a course for a successful coming year, its 2020 sales
milestones demonstrate the diverse market recognition of its
technology, as well as the technology’s myriad potential
applications across geographies and industries, its collaboration
with FLIR enables it to introduce its solutions to new audiences
and sales regions, building off of FLIR’s sterling reputation, that
the multiple key partnerships announced in the fourth quarter of
2020 indicate that the future is bright for Foresight and its
technology and that it entered 2021 with a robust balance sheet and
strong business fundamentals, putting it in an advantageous
position for global expansion and 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 letter to shareholders. The forward-looking
statements contained or implied in this letter to shareholders 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 letter to shareholders.
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version on businesswire.com: https://www.businesswire.com/news/home/20210226005380/en/
Yeela Wineberg yeela@foresightauto.com +972 52 6365397
Or
Eli Yoresh, CFO eli@foresightauto.com +972 54-558-8949
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