Foresight wins deal with European truck maker

Foresight Photo: PR

The company reported an agreement to sell another QuadSight system prototype.

Foresight Autonomous Holdings Ltd.'s (Nasdaq:FRSX; TASE:FRSX) share price is up in today's trading after the company reported an agreement for sale of another QuadSight system prototype to the truck division of one of Europe’s largest vehicle manufacturers 

The deal is the company's second in three months for the sale of a system of this type to a leading European OEM. Revenue from the sale of each stereoscopic technology system is expected to reach tens of thousands of dollars.

Foresight is in the hot sector of traffic accident prevention and development of software solutions for advanced driver-assistance systems (ADAS) and for autonomous driving applications.

The company launched the QuadSight system in January at the CES exhibition in Las Vegas. The system uses four cameras - two stereoscopic infrared cameras and two visible light cameras - and advance image processing algorithms. Foresight founder and CEO Haim Siboni is the controlling shareholder in the company with a 27% stake worth NIS 270 million at the current share price.

Siboni said, "This order, the third that Foresight has received from a different auto manufacturer in the past three months, shows the industry's interest in the company's revolutionary technology."

Two months ago, Foresight raised NIS 45 million from Psagot Investment House Ltd., Meitav DS Investment House Ltd., and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) at NIS 2.05 per share.

Foresight listed on the stock exchange in January 2016 after merging with stock exchange shell Asia Development. Investors in its first financing round included Yitzhak Manor's Lubinski group, the importer of Peugeot and Citroen; Itzhak Swary, chairman of Allied, which own Champion Motors, importers of Audi, Seat, Volkswagen, and Skoda; and Guy Meyohas, holder of the Porsche franchise for Israel. Financier Itschak Shrem, Professor Benad Goldwasser, and a UK investment fund also invested in Foresight.

Foresight conducted several more financing rounds in the first half of 2017, raising an aggregate total of over NIS 40 million. Investors in the company included the Dayan family, one of the owners of car trading company Trade Mobile and other auto businesses; the Hamizrach company, controlled by the Eini family, owners of vehicle importer UMI; and Zipora and Ariel Maoz from the Carasso family, owners of the importer of Nissan and Renault cars. They were joined by Dr. Yoav Ben Dror, Omar Galin, and Eddie Shapiro, founders of successful algo-trading company Final; Retalix founder Brian Cooper; Ayalim Mutual Funds; Tachlit Indices; the Hatzavim hedge fund; and Adv. Shmuel Zysman.

Published by Globes [online], Israel business news - www.globes-online.com - on August 28, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Foresight Photo: PR
Foresight Photo: PR
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