Foresight Receives Order from Leading Multi-Billion Dollar Global Chinese Technology Company
July 27 2020 - 8:00AM
Business Wire
The technology company purchased two QuadSight®
prototype systems for its automotive solutions business unit
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the sale of
two prototypes of its QuadSight® four-camera vision system to the
automotive solutions business unit of a multi-billion dollar
Chinese technology company.
Foresight’s advanced technology may allow the automotive
solutions business unit to improve its offering for autonomous cars
and safety solutions, ranging from advanced driver assistance
systems (ADAS) to fully autonomous vehicles, and may lead to future
co-development projects.
“Information and technology companies want to help vehicle
manufacturers produce better cars. Our unique obstacle detection
capabilities enable safe uninterrupted driving, regardless of the
environmental and weather conditions,” said Haim Siboni, CEO of
Foresight. “We believe that successful evaluation of the prototype
systems may lead to future activities with the leading global
technology company, allowing us to expand our presence in the
Chinese market and pursue new opportunities.”
As semi- and fully-autonomous vehicles transition from labs to
roads, vehicle manufacturers and an increasing number of technology
companies seek to make the roads a safer place for driverless cars
by gathering data on the roads people use and how they drive. The
QuadSight vision system provides highly accurate vision sensors
that detect any obstacle and enable safe driving at all times in
challenging weather.
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
that Foresight’s advanced technology may allow the smart mobility
solutions business unit to improve its offering for autonomous cars
and safety solutions, ranging from ADAS to fully autonomous
vehicles, and may lead to future co-development projects, and its
belief that a successful evaluation of the prototype systems may
lead to future activities with the leading global technology
company, allowing Foresight to expand its presence in the Chinese
market and open new opportunities. 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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version on businesswire.com: https://www.businesswire.com/news/home/20200727005328/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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