Foresight Partners with One of the World’s Largest Industrial Equipment Manufacturers for POC Project
August 11 2023 - 9:20AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, announced today the signing of a paid proof of concept
(POC) project with the Chinese subsidiary of one of the world’s
leading manufacturers of industrial equipment, heavy machinery,
construction and mining equipment.
Foresight was selected over other
three-dimensional (3D) perception vision solutions due to its
accurate and high-resolution point cloud and all object detection
capabilities in harsh weather, environment and lighting conditions.
A successful POC project may lead to the integration of Foresight's
technology into the industrial equipment manufacturer’s
construction and mining trucks.
The industrial equipment manufacturer will
evaluate Foresight’s technology to add 360° 3D perception
capabilities to its mining and construction trucks, offering an
alternative to its existing LiDAR sensors. Foresight’s QuadSight
vision solution uses both visible-light and thermal cameras to
deliver a comprehensive vision system capable of addressing the
driving challenges in construction and mining settings. These
challenges include off-road navigation, detection of non-classified
objects in dusty surroundings and enabling safe driving in
pitch-dark conditions. In addition, the industrial equipment
manufacturer will evaluate Foresight’s DynamiCal™ automatic
calibration solution to enable continuous calibration of the
cameras while its trucks encounter intense vibrations to ensure an
accurate 3D image of the environment.
“We are excited to extend our innovative stereo
vision solutions to the construction and mining industry. By
collaborating with one of the world's largest industrial equipment
and heavy machinery manufacturers, we aim to enhance the safety,
accuracy of object detection, and environmental awareness in their
operations. This POC project reflects our dedication to delivering
advanced automotive vision technologies across diverse sectors,"
said Haim Siboni, CEO of Foresight.
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 Mobile’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 POC, that it aims to enhance the safety, object detection
accuracy, and environmental awareness in the industrial equipment
manufacturer’s operations, and that the POC project reflects its
dedication to delivering advanced automotive vision technologies
across diverse sectors. 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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