Foresight Signs Agreement with Global Vehicle Manufacturer
August 14 2023 - 8:00AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, announced today the signing of an agreement for two proof
of concept (POC) projects with a leading global vehicle
manufacturer.
The vehicle manufacturer currently uses stereo
cameras in its advanced driver assistance systems (ADAS), enabling
3D depth perception and distance analysis. These features can be
used, for example, for adaptive cruise control and lane departure
warning, ensuring a safer driving experience. The vehicle
manufacturer has chosen to evaluate Foresight’s stereo vision
solutions to improve safety measures even further.
The purpose of these POC projects is to assess
the accuracy of Foresight’s unique automatic calibration
capabilities in enhancing 3D depth perception. In addition, the
vehicle manufacturer will assess Foresight’s Mono2Stereo™
perception enhancement solution to be used with its existing mono
cameras which have different fields of view. Upon successful
completion of the projects, the vehicle manufacturer may integrate
Foresight’s technology into its passenger vehicles. This
integration could lead to improved precision in distance
measurement, as well as object detection and classification,
ultimately enhancing the overall safety system of the automaker’s
vehicles.
"We believe that our collaboration with another
leading global vehicle manufacturer validates the importance of
Foresight’s technology in the automotive world and could lead to
additional opportunities in the automotive sector. This vote of
confidence from an important player in the automotive industry
reinforces our commitment to develop advanced software-based vision
solutions that will be widely implemented and could save lives by
redefining road safety,” 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 projects and the intention of the vehicle manufacturer to
evaluate Foresight’s stereo vision solutions to improve safety
measures, the potential benefits from the use its technology, that
the vehicle manufacturer may integrate Foresight’s technology into
its passenger vehicles and the belief that the collaboration
validates the importance of Foresight’s technology in the
automotive world and could lead to additional opportunities in the
automotive sector. 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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