The company will complete a configuration
enabling commercialization and use by millions of users by the end
of 2020.
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an
innovator in automotive vision, announced today that its wholly
owned subsidiary, Eye-Net Mobile Ltd., completed a successful
large-scale trial of its Eye-Net™ cellular-based accident
prevention solution and met all predefined criteria set for its
success. More than 8,500 users from across Israel and abroad
participated in the trial.
This trial demonstrated the technological proof of concept of
the Eye-Net solution on a large scale, marking an important
milestone for the company as it transitions from technology to
product and commercialization.
During the six-day trial, the Eye-Net system provided real-time
alerts to users about five events which were considered potentially
unsafe by the system.
The Eye-Net system operated on a variety of iOS and
Android-based cellular phones and was fully functional during the
trial. Thousands of users from Israel and around the globe
participated in the trial, having travelled for more than an
aggregate of 750,000 kilometers and 35,000 hours. The following
components of the Eye-Net solution were tested during the trial:
client side, server side, algorithms, system architecture and
tools.
The system demonstrated stability and the ability to handle data
transfer, supported a wide geographic distribution of users,
optimized low latency times, and demonstrated compatibility with a
variety of smartphones and operation systems, thus meeting the
pre-defined objectives of the trial.
All real-time data collected from thousands of users during the
trial by a monitoring and control infrastructure will assist in the
completion of Eye-Net’s software development kit (SDK)
configuration. An SDK configuration will allow Eye-Net Mobile to
integrate its solution and functions with leading location-based
applications, such as navigation, ridesharing, parking and fitness
applications, and will enable rapid market penetration and
commercialization. Eye-Net’s SDK configuration will be ready to
serve hundreds of thousands of users by early 2020, and millions of
users by the end of 2020.
“This complex, first of its kind, large-scale trial was
conducted after a development period of two and a half years and
approximately 15 man-years. The success of this trial is a major
achievement for Eye-Net Mobile,” said Haim Siboni, CEO of
Foresight. “By successfully predicting collisions beyond line of
sight and extending the protection of current systems, Eye-Net
proved its ability to prevent accidents and save lives.”
Eye-Net Mobile wishes to thank all participants in the trial,
including employees of the Eldan group, Shagrir Group Vehicle
Services Ltd., Universal Transportation Solutions Ltd. and Trade
Mobile.
About Eye-Net™
Eye-Net is a cellular-based vehicle-to-everything (V2X) accident
prevention solution 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. Eye-Net relies on proprietary,
cutting-edge technology, a set of sophisticated algorithms and
advanced system architecture, and existing cellular
infrastructure.
For more information about Eye-Net Mobile, please visit
http://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.
For more information about Foresight and its wholly owned
subsidiary, Foresight Automotive, please visit
www.foresightauto.com, follow @ForesightAuto on Twitter, or join
Foresight Automotive on LinkedIn, 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 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.
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 company will complete a configuration that will allow
commercialization and use by millions of users by the end of 2020;
transitioning from technology to product and commercialization;
analyzing the data collected in the trial; that an SDK
configuration will allow integration with leading location-based
applications and help to enable rapid market penetration and
commercialization; and that Eye-Net’s SDK configuration will be
ready to serve hundreds of thousands of users by early 2020 and
millions of users by the end of 2020. 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 20, 2019, 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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version on businesswire.com: https://www.businesswire.com/news/home/20190812005174/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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