Foresight: Eye-Net and Softbank Corp. Successfully Complete Technology Validation Phase for Connected Mobility Applications in Japan
March 22 2024 - 8:20AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision solution, announced today that its
wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), announced
today that SoftBank Corp. (Tokyo: 9434) (“SoftBank”) will
collaborate with its business partners to initiate commercial
validation efforts of Eye-Net's products in Japan following the
successful completion of Eye-Net’s technology validation.
As previously announced on November 6, 2023,
SoftBank and Eye-Net have entered into a multi-phase agreement
initiated in a paid technological proof of concept (POC) project.
The technological POC was confirmed to be successful after the
Eye-Net Protect product met all of Softbank's predefined key
performance indicators.
During the POC, Eye-Net’s location services were
deployed on SoftBank's multi-access edge computing (MEC)
infrastructure. This deployment follows extensive testing in
diverse environments, including closed areas as well as open roads.
The testing confirmed the system performance and full compatibility
with both long-term evolution (LTE) and 5G cellular networks,
paving the way for connected mobility applications.
As a result of the successful completion of the
POC, the parties will initiate sales efforts with SoftBank's key
business partners in order to move forward with the commercial
validation of Eye-Net’s solutions for improved collision prevention
in the Japanese market.
“We are thrilled that SoftBank has confirmed the
successful completion of the technology validation phase and the
compatibility of Eye-Net’s technology for both LTE and 5G cellular
networks. This milestone marks the beginning of collaborative
efforts with SoftBank for commercial validation of Eye-Net’s
products in Japan," said Dror Elbaz, CEO of Eye-Net Mobile.
"Eye-Net is grateful to collaborate with SoftBank on the visionary
path towards introducing a new social road safety approach. Our
collaboration aims to offer an accident prediction and prevention
solution that could protect millions of users from
non-line-of-sight collisions and contribute to a safer Japanese
mobile society,” Mr. Elbaz concluded.
For more information about Eye-Net, 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) 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.,
Foresight Changzhou 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 and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles, and heavy industrial equipment.
Eye-Net’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
the prospective collaboration between SoftBank and its business
partners in initiating commercial validation efforts of Eye-Net’s
products in Japan, that the collaboration may pave the way for
connected mobile applications with Eye-Net’s technology, that the
parties to the POC will initiate sales efforts with SoftBank’s key
business partners, and the Company’s visionary path towards
introducing a new social road safety approach. 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 30, 2023, 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.
Investor Relations Contact: Miri
Segal-SchariaCEOMS-IR LLCmsegal@ms-ir.com917-607-8654
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