InvestorNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Technology Chosen by Leading Israeli Defense Integrator
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, will be customizing products and solutions for a leading Israeli defense integrator. The company, which projects to receive approximately $250,000 during the first six months of the year from the project, is developing a customized 3D-perception solution to be used by the Israeli Defense Forces (“IDF”). The agreement comes after FRSX’s QuadSight(R) prototype has undergone extensive testing for the past two years; that testing was conducted by the Israeli defense integrator, which also participated in numerous demonstrations of the prototype to the IDF. According to the announcement, Foresight’s vision technology will replace the use of LiDAR for the end user. “We believe that Foresight’s passive thermal stereo capabilities are vital to the defense industry,” said Foresight CEO Haim Siboni in the press release. “Our unique technology succeeded in outperforming other leading technologies, such as LiDAR, and was therefore chosen as a replacement in defense-focused solutions. By moving to the next stage of evaluation by the IDF, Foresight is supporting its business strategy of working in parallel with vehicle manufacturers, key players in the defense industry and heavy and agricultural equipment manufacturers. Innovative technologies tend to be quickly adopted by the defense market, generating short-term revenue. We believe that our customized vision-based solution could provide valuable data and results to potential customers from various market segments, including the defense industry, allowing us to expand our presence in these markets.”
To view the full press release, visit https://ibn.fm/kt1SU
About Foresight Autonomous Holdings Ltd.
Foresight is a technology company developing smart multispectral vision software solutions and cellular-based applications. 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” accident-prevention solutions. Foresight’s vision solutions include modules of automatic calibration, sensor fusion and dense 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, precollision 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, visit the company’s website at www.ForesightAuto.com.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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