Rail Vision Receives Patent Approval from the Indian Patent Office
February 05 2024 - 8:50AM
Rail Vision Ltd. (Nasdaq: RVSN) (the “Company”), a technology
company at the forefront of revolutionizing railway safety and the
data-related market, today announced it was granted a patent
approval from the Indian Patent Office.
The patent, titled "SYSTEM AND METHOD FOR OBJECT AND OBSTACLE
DETECTION AND CLASSIFICATION IN COLLISION AVOIDANCE OF RAILWAY
APPLICATIONS", has already approved in the US and Japan and is
pending approval in Europe and China.
The patent covers the method for detection and identification of
objects and obstacles near, between or on railway. The method
refers to several forward-looking imagers adapted to cover all
vision ranges and is also sensitive to each different wavelength of
radiation. Electro optic sensors (e.g. thermal infrared
imaging sensor and visible band imaging sensor) are used to
survey and monitor railway scenes in real time.
Rail Vision's Main Line system utilizes advanced vision sensor
technology, incorporating engineering, big data, and AI that is
installed directly on trains. This system is capable of collecting
data, including weather information, in real time and from remote
locations accessible exclusively by railway routes.
"India, with its vast and busy railway network, is a huge
potential market for our advanced technology," said Shahar Hania,
Rail Vision's Chief Executive Officer. "The approval of our patent,
already recognized in the US and Japan and pending in Europe and
China, reinforces our commitment to enhancing railway safety and
operational efficiency worldwide."
According to India Brand Equity Foundation, a trust established
by the Department of Commerce, Ministry of Commerce and Industry,
Government of India, India has the fourth largest railway network
in the world with over 22,593 operating trains (9,141 freight and
13,452 passengers) with a daily passenger count of 24 million
passengers and 203.88 million tons of freight. In 2022, passenger
traffic stood at 3.54 billion as compared to 1.28 billion in 2021.
Total revenue from traffic in India for 2022-23 is estimated to be
$28.93 billion, an increase of 19% over revised estimates for
2021-22. Freight revenue in India is estimated to be $19.92 billion
in 2022-23, an increase of 14% over the revised estimates for
2021-22. The passenger revenue in India is estimated to be $ 7.06
billion, an increase of 32% over a low base in 2021-22.
About Rail Vision Ltd.
Rail Vision is a technology company that is seeking to
revolutionize railway safety and the data-related market. The
Company has developed cutting-edge, artificial intelligence based,
industry-leading technology specifically designed for railways. The
Company has developed its railway detection and systems to save
lives, increase efficiency, and dramatically reduce expenses for
the railway operators. Rail Vision believes that its technology
will significantly increase railway safety around the world, while
creating significant benefits and adding value to everyone who
relies on the train ecosystem: from passengers using trains for
transportation to companies that use railways to deliver goods and
services. In addition, the company believes that its technology has
the potential to advance the revolutionary concept of autonomous
trains into a practical reality. For more information please visit
https://www.railvision.io/
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act and other 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, the Company is using forward-looking
statements when it discusses the huge potential market for the
Company’s advanced technology and the Company’s commitment to
enhancing railway safety and operational efficiency worldwide. In
addition, the Company cannot assure that any patent will issue as a
result of a pending patent application or, if issued, whether it
will issue in a form that will be advantageous to the Company.
Forward-looking statements are not historical facts, and are based
upon management’s current expectations, beliefs and projections,
many of which, by their nature, are inherently uncertain. Such
expectations, beliefs and projections are expressed in good faith.
However, there can be no assurance that management’s expectations,
beliefs and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F filed
with the SEC on March 23, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. 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. Rail Vision is not responsible for the contents of
third-party websites.
Investor RelationsMichal
Efraty+972-(0)52-3044404michal@efraty.com
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