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Foresight Autonomous has Set Sights on the Automotive Visual System Market

24 Feb Foresight Autonomous has Set Sights on the Automotive Visual System Market

Foresight Autonomous Holdings (NASDAQ: FRSX), a Company that develops in-line-of-sight and beyond-line-of-sight sensor and vision systems for the automotives industry, announced the sale of a prototype of its QuadSight® four-camera vision system, intended for use in semi-autonomous and autonomous vehicles. The order has been received from a leading global multi-billion dollar Japanese vehicle manufacturer with request for an expedited delivery, a testimony to the existing demand for a quality automotive vision system.

The Company’s strategy is focussed on providing a prototype demonstration of the QuadSight system in real-time at various predefined scenario, which enables a strategic partner to gain a better understanding and experience the exceptional detection capabilities that the system has to offer. The sale of prototypes is aimed at forging potential collaborations with vehicle manufacturers and tier-one automotive suppliers in the future. This also presents an opportunity for collaborations in research and development, integration and production based on a closer evaluation through the prototype as per a Company statement.

The QuadSight system is the winner of the 2020 BIG Innovation Awards presented by the Business Intelligence Group. The technology intended for use in autonomous and semi-autonomous vehicles, can detect obstacles in harsh lighting and weather conditions, resulting in better perception and reduced chances of accidents and injuries.

Haim Siboni, CEO of Foresight, commented

“QuadSight’s innovative technology addresses the real-world need for obstacle detection accuracy capable of ensuring autonomous vehicle safety. “This prestigious recognition from the 2020 BIG Innovation Awards further validates Foresight’s innovation and achievements in advancing vision systems for the automotive industry.”

Foresight Autonomous Holdings (NASDAQ: FRSX)

Market Cap: $31.35M; Current Share Price: 1.00 USDChart
Data by YCharts

Technological advancements and an increasing focus on enhanced safety features such as driver assist systems are the primary drivers of growth in the global automotive vision system market. Vision assist systems use a combination of high-resolution imaging and advanced software and hardware systems to fulfill a very important need for improving visibility in poor weather conditions, by detecting and tracking objects in a vehicles trajectory. These systems lead to better road safety and prevention of accidents owing to poor visibility.

The Automotive Vision System market also includes Night Vision Systems (NVS), Adaptive Cruise Control, Blind Spot Detection (BSD), lane keeping assistance to name a few. Most of the new-age cars incorporate this technology in their vehicles to meet the demand for improved safety. The growth in the market is also due to development of economical detection systems, leading to their growing acceptance and adoption. However, the systems are also susceptible to malfunctioning, which may hamper the market from reaching its full growth potential.

According to a report by Reports and Data, the Global Automotive Vision Systems market, which stood at USD 11.9 billion in 2018, will grow at a CAGR of 14.4 percent and reach 34.9 billion by 2026. Some government also mandate the use of Advanced Emergency Braking System (AEBS) and Electronic Stability Control (ESC) to gain a higher safety rating.

Foresight develops and manufactures multi-spectral stereo vision sensing systems that are based on proven operation surveillance technology systems. The Company’s QuadSight Solution can provide accurate obstacle detection even in unfavorable conditions, including rain, glare, darkness, haze and fog. The system is ideal for installation and use in ADAS, semi-autonomous and full-autonomous markets that need a forward -facing detection system and seeking to attain Level 3, 4 and 5 vehicle autonomy across multiple industries and applications as per the Company.

Image Source: Company

QuadSight supports a range of features such as Automatic Emergency Braking, Active Cruise Control, Auto Pilot, Collision Avoidance system, Lane keeping Assist, Traffic Jam Assist, and Traffic Recognition to name a few. In addition, it offers numerous advance capabilities such as exceptional accuracy with almost zero false results, usage of 3D algorithms for depth analysis, interference free non-hazardous non-emitting sensor, sensor fusion and automatic calibration. The technology has wide application in diverse industries such as defense, passenger vehicles, buses/trucks, and heavy equipment manufacturing.

The Company has built a robust intellectual property rights portfolio which adds immense value to its offerings. The portfolio of the Company consists of Foresight Automotive, Eyenet Mobile (Cellular-based V2X system) and Rail Vision (Railway Vision Based-Systems). In September 2019, the Company entered into a strategic cooperation agreement with Wuhan Guide Infrared Co Ltd, a developer of infrared thermal imaging systems for integration with QuadSight vision system as well as for marketing and distribution throughout greater china.

The Company is the recipient of numerous accolades such as the Gold Edison Award 2019, CES Innovation Award 2019, and the winner of the New Mobility World Lab18 startup challenge.

Risk Assessment

  • Foresight proprietary patented stereoscopic technology is well-proven, having been in use for over 20 years and combines advanced algorithms with 3D Image analysis for image processing and sensor fusion. The technology initially developed by MAGNA DSP, uses a two-camera layout to replicate human depth perception and create a 3D view. The QuadSight is a first-of-its-kind vision system that can detect nearly 100 obstacles with almost zero false alerts.
  • The Company has forged strategic partnerships with Elbit Systems (NASDAQ: ESLT) in Israel, Cornes Technologies in Japan and a strategic agreement and technological agreement in China in 2019. The commercial agreement with Elbit will fetch the Company software licensing fees, and additional software and maintenance fees. The china agreement is with a tier-one supplier of automated safety solutions for OEM’s, which will see the QuadSight being incorporated in existing supplier projects. The Companies have applied for Israel and China bilateral government funding programs.
  • Foresight uses real-time demonstrations to help customer understand and experience its superiority over competitor products. The Company is conducting a series of demonstration in Europe as well as the U.S, including a demonstration of a QuadSight prototype for an American Subsidiary of a Global Tier-One automotive supplier.
  • The Company is in advanced negotiations with a European Rail Operator for a deal worth $500,000 Euro with additional purchase of 30 shunting yard systems for an additional 2.5 million Euro. There is also an option to purchase an additional 45 shunting yard systems for a total value of 3.5 million Euro as per a Company statement. The agreement is for the purchase of a prototype system of the Company’s shunting yard solution. Foresight is also reaching the POC stage in the heavy equipment vehicles manufacturing market.
  • Foresight is targeting Diverse markets that can leverage its disruptive technology such as Public Transportation and Fleets, Passenger Vehicle, Commercial Vehicles, defense and military intelligence. This multi-pronged approach will help the Company capitalize on emerging opportunities in these fields, while diversifying its risk.
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