- A leading importer of vehicles to Israel has signed with Foresight a non-binding MOU for the sale of the Eyes-On™ automotive vision system
- $12.4 million in private placement agreements signed with leading Israeli institutional investors
- Global advanced driver assistance system (ADAS) market expected to reach $67.43 billion by 2025, growing at 19 percent CAGR
A rising demand for advanced driver safety and assistance systems that help drivers control vehicles and avoid accidents is fueling a global market for technological innovations in an increasingly high growth market, according to multiple industry research reports. Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), a technological innovator in automotive vision systems and driver assistance technology headquartered in Israel, has been developing, through wholly owned subsidiary Foresight Automotive Ltd., a powerful and mature proprietary stereoscopic technology that provides real-time information to prevent accidents. Foresight’s technology is derived from major shareholder Magna B.S.P.’s field-proven security technology, which has been deployed worldwide for almost two decades. The company’s patents provide IP protection for technology that’s designed to improve driving safety with highly accurate and reliable obstacle detection vision systems.
Foresight recently announced the signing of a non-binding MOU for the company’s unique stereoscopic Eyes-On™ system with a leading importer of vehicles to Israel. The non-binding memorandum of understanding (“MOU”) with a direct importer of several leading vehicle manufacturers will see the installation of Eyes-On™ for aftermarket configuration – Foresight’s advanced driver assistance system (“ADAS”) – in several vehicle models (http://ibn.fm/wW18g) under a pilot program. The importer could potentially order 21,000 Eyes-On™ systems over three years, according to the agreement (http://ibn.fm/QQFWE).
Foresight’s unique Eyes-On™ stereo vision ADAS employs advanced algorithms for accurate depth analysis and obstacle detection. The Eyes-On system will detect all potential obstacles, including vehicles, cyclists, pedestrians, animals and inanimate objects, at a high degree of accuracy. Stereo technology is an image processing concept which uses two synchronized cameras to mimic 3D human depth perception.
Foresight has developed three main products to date: QuadSight™, a breakthrough quad-camera vision system that sets the bar for autonomous vehicle vision; Eyes-On™, a unique stereo vision Advanced Driver Assistance System; and Eye-Net™, a cellular-based accident prevention solution designed to provide real-time pre-collision alerts to vehicles and pedestrians.
The company’s innovative automotive vision systems recently attracted private placement agreements from several leading Israeli institutional investors, including $5.5 million from Harel Insurance (http://ibn.fm/kLUKF), $4.1 million from Meitav Dash Group and $1.4 million from Psagot Investment House (http://ibn.fm/KEe7w).
Grand View Research reports that the global ADAS market is expected to reach $67.43 billion by 2025, growing at a CAGR of 19 percent. Several factors, including increasing levels of government initiatives for mandating driver assistance systems in order to lower road accidents, are contributing to this robust growth pattern, the report states (http://ibn.fm/ODDPS).
In 2016, passenger cars accounted for more than a 72 percent share in the global ADAS market, Grand View Research reports. With the United States and the European Union mandating that automotive manufacturers fit ADAS systems such as lane departure warning systems (LDWS) and autonomous emergency braking systems (AEBS) in vehicles by 2020, Foresight is gearing up to be a leader in this developing space.
For more information, visit the company’s website at www.ForesightAuto.com
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