Foresight: Eye-Net and SoftBank Corp. Enter Agreement with Japanese Vehicle Manufacturer
July 26 2024 - 9:02AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision solutions, announced today that its
wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has
signed a three-way multi-phase agreement for a paid proof of
concept (POC) project with SoftBank Corp. (Tokyo: 9434)
(“SoftBank”) and a Japanese vehicle manufacturer. SoftBank will
provide the required cellular network infrastructure and support
for the project.
The project is part of a multi-phase plan to be
initiated during the third quarter of 2024. The initial phase will
consist of an evaluation of Eye-Net™ Sense demonstration kit in a
standalone mode. Upon successful evaluation, the parties may engage
in the second phase of integrating Eye-Net Sense into the vehicle
manufacturer’s infotainment systems. Successful completion of the
first two phases could lead to the integration of the Eye-Net Sense
solution into the manufacturer’s advanced driver assistance systems
(ADAS), potentially leading to full commercial deployment in the
manufacturer’s vehicles.
“This agreement marks a significant advancement
for Eye-Net and an additional initiative in Japan's automotive
sector aimed at significantly improving road safety. By combining
SoftBank's extensive network of partners and large user base with
the vehicle manufacturer's widespread driver and vehicle presence,
Eye-Net holds the potential to protect millions of road users
across the country from non-line-of-sight collisions,” said Dror
Elbaz, CEO of Eye-Net.
For more information about Eye-Net, please visit
www.eyenet-mobile.com, or follow the Company’s LinkedIn page,
Eye-Net Mobile; X (formerly 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 X (formerly
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 a successful completion of the first two phases could lead to
the integration of the Eye-Net Sense solution into the
manufacturer’s advanced driver assistance systems, potentially
leading to full commercial deployment in the manufacturer’s
vehicles, the advantages and benefits of Eye-Net Sense and that
Eye-Net holds the potential to protect millions of road users
across the country from non-line-of-sight collisions . 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 for the fiscal
year ended December 31, 2023 filed with the Securities and Exchange
Commission ("SEC") on March 27, 2024, 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-Scharia CEOMS-IR LLC msegal@ms-ir.com917-607-8654
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