Foresight Autonomous Holdings Ltd. (Nasdaq:FRSX; TASE:FRSX), which develops auto systems for computer vision, preventing traffic accidents, and autonomous driving, will sell its systems to a leading importer in Israel of vehicles made by several leading auto manufacturers.
The company today reported to the Tel Aviv Stock Exchange (TASE) that it had signed a non-binding memorandum of understanding to install its Eyes-On system in vehicles imported to Israel. In the first stage following the signing of a binding agreement, Foresight and the importer will carry out a pilot on a number of car models. If the pilot is successful, Foresight will supply additional systems.
The importer could potentially order 21,000 systems over three years. Foresight adds that the importer will promote the company's products for their inclusion in the production lines of the auto manufacturer it represents in Israel.
Eyes-On is a computer vision system, the first one developed by Foresight, based on two light cameras. It uses stereo technology and advanced algorithms to precisely analyze an image and detect obstacles. The system detects many potential obstacles, such as vehicles, pedestrians, two-wheeled vehicles, animals, etc. The system is currently in the advanced development stages after having been successfully tested in a series of trials in pilots around the world and after its technology was tested by a number of auto manufacturers.
This is Foresight's second deal this month. The company reported two weeks ago that it has made an initial sale of a prototype of its QuadSight system, a computer vision system based on four cameras. The system, which is designed for semi-autonomous and autonomous vehicle market, makes it possible to detect obstacles under any lighting and weather conditions. The first system was ordered by truck division of a leading European auto manufacturer for the purpose of assessing and testing its performance on the manufacturer's trucks. Revenue form the sale of the system is likely to amount to tens of thousands of dollars.
The company yesterday reported a NIS 25 million financing round, NIS 20 million of which was from Psagot Investment House Ltd. and Meitav Dash Investment House Ltd.. This financing round followed a NIS 20 million investment in the group by Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) announced by the company last week on Wednesday, meaning that Foresight raised NIS 45 million from investment institutions within one week.
The share of Foresight, controlled by CEO Haim Siboni, responded to today's announcement with a 14% leap on lively trading, pushing the company's market cap up to NIS 300 million. The share price has risen 23% since last week's announcement of Harel's investment but has fallen nearly 60% over the past year.
Foresight finished the first quarter with a $3.5 million net loss, leaving the company with $16.7 million in cash (NIS 60 million).
Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2018
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