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Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), established in July 2015, is a pioneering technology company focused on the automotive industry. Through its wholly-owned subsidiary, Foresight Automotive Ltd., the company is dedicated to the design, development, and commercialization of advanced vision systems. These systems play a critical role in enhancing driving safety by utilizing stereo and quad camera technologies.
Foresight's innovative solutions are built on a foundation of stereoscopic technology, which has been field-proven for nearly two decades. The company's patented technology integrates 3D video analysis and sophisticated image processing algorithms to accurately detect potential collisions with vehicles, pedestrians, cyclists, and other road obstacles. This advanced system provides real-time alerts with minimal false positives, significantly improving road safety.
Foresight offers a variety of solutions tailored for the modern automotive industry, including both in-line-of-sight and beyond-line-of-sight applications. These solutions deploy either a two-camera setup for visible light conditions or a four-camera system to handle more complex scenarios. The company is actively pursuing numerous markets and partnerships to bring its cutting-edge technology to a broader audience.
Recent developments and achievements highlight Foresight's commitment to innovation and market growth. The company continues to make strides in financial stability and operational excellence. Their corporate highlights for the first quarter of 2024 showcased steady progress, with key updates on both financial results and strategic initiatives.
Foresight's vision systems are poised to revolutionize automotive safety, offering a cost-effective, reliable, and highly accurate platform that meets the stringent demands of the industry. The company remains dedicated to pushing the boundaries of what's possible in vehicle vision technology.
Foresight Autonomous Holdings (FRSX) announced that its subsidiary, Eye-Net Mobile, has entered into a multi-phase agreement with SoftBank and a leading Japanese vehicle manufacturer to evaluate Eye-Net's cellular vehicle-to-everything (C-V2X) technology. The collaboration involves a paid proof of concept (POC) project utilizing SoftBank's cellular network infrastructure.
The project will progress through multiple phases: first evaluating the Eye-Net™ Sense demonstration kit in standalone mode, potentially followed by integration into the manufacturer's infotainment systems, and finally possible integration into advanced driver assistance systems for full commercial deployment in vehicles. The initiative focuses on implementing Eye-Net's non-line-of-sight collision avoidance solution to enhance road safety.
Foresight Autonomous Holdings (NASDAQ: FRSX) has signed a commercial cooperation agreement with KONEC, a South Korean Tier-One automotive supplier, to distribute advanced 3D perception solutions in South Korea. The agreement targets integration into various sectors including passenger vehicles, commercial vehicles, autonomous logistics, and heavy machinery.
KONEC forecasts commercial sales of $1.5 million by 2027, with projected revenues growing up to $7 million by 2029. The agreement grants KONEC exclusive distribution rights in South Korea, subject to meeting sales targets. The companies are also considering establishing a 50-50 joint venture in South Korea to facilitate business cooperation and potentially set up a manufacturing facility.
Foresight Autonomous Holdings (FRSX) has signed a multi-phase collaboration agreement with Bumhan Motors, a South Korean electric bus manufacturer, to develop advanced 3D perception solutions for autonomous electric buses. The partnership follows a successful proof-of-concept project demonstrating Foresight's technology effectiveness.
The initial phase focuses on improving operational safety and vision accuracy of Bumhan's electric buses, with plans to expand into semi- and fully autonomous commercial vehicles. The parties aim to finalize a commercial agreement by Q1 2025. Bumhan projects sales of 200 electric buses in 2025, targeting 3,000 units annually by 2029.
Foresight Autonomous Holdings (NASDAQ: FRSX) has signed a three-way strategic cooperation agreement with South Korean companies 7meerkat and KONEC to develop and commercialize AI-powered smart parking solutions. The collaboration follows a successful proof-of-concept project and will integrate Foresight's 3D perception technology with 7meerkat's parking management systems, while KONEC will lead market promotion.
The solutions will feature AI-driven vehicle identification, license plate recognition, and monitoring capabilities for electric vehicles and vehicle conditions. The parties aim to finalize a commercial agreement by the end of Q1 2025. The technology combines visible-light and thermal infrared cameras to enhance urban parking efficiency and user experience, particularly in harsh weather and low-light conditions.
Foresight Autonomous Holdings (Nasdaq: FRSX) announced a three-way collaboration agreement with GINT and KONEC to develop advanced 3D perception solutions for autonomous tractors and construction equipment in South Korea. The initial phase focuses on designing autonomous tractor kits integrating Foresight's 3D perception capabilities, including visible-light and thermal infrared cameras. The parties aim to expand into semi-autonomous and fully autonomous solutions for the automotive industry. A commercial agreement is expected to be finalized by the end of Q1 2025, with KONEC leading market penetration and GINT integrating Foresight's technology into their autonomous control logic units.
Foresight Autonomous Holdings (FRSX) reported Q3 2024 financial results showing a GAAP net loss of $3.33M, down 20.8% from $4.21M in Q3 2023. Revenue decreased to $111,000 from $304,000 year-over-year. The company announced several strategic collaborations, including agreements with SUNWAY-AI for autonomous logistics vehicles, BuilderX Robotics for heavy machinery operations, and China Design Group for smart transportation solutions. Operating expenses decreased across all categories, with R&D expenses down 15.4%, S&M expenses down 48.3%, and G&A expenses down 14.4%. Cash position stood at $8.94M as of September 30, 2024.
Eye-Net Mobile, a subsidiary of Foresight Autonomous Holdings (Nasdaq: FRSX), has signed an agreement with Software République to integrate and test its vehicle-to-everything (V2X) collision avoidance solution in Bordeaux, France. The project involves collaboration with major partners including Allianz IARD, Bordeaux University, and Keolis Bordeaux Métropole Mobilités.
The multi-phase collaboration aims to deploy Eye-Net's solution across dozens of European cities, starting with testing in controlled environments before expanding to larger-scale evaluations. The initiative is part of Bordeaux Metropole's comprehensive mobility plan focusing on sustainable transportation and road safety.
Foresight Autonomous Holdings (Nasdaq: FRSX) announced that its stereoscopic 3D perception systems are expected to align with the upcoming Trump administration's initiative to establish federal framework for fully self-driving vehicles. The company's technology combines visible-light and thermal long-wave infrared stereoscopic cameras for enhanced detection capabilities, positioning it as a potential primary sensor suite for autonomous vehicles.
This development comes as the administration plans to prioritize autonomous vehicle regulations through the Department of Transportation, addressing current regulatory challenges for deploying large-scale autonomous vehicle fleets.
Foresight Autonomous Holdings (Nasdaq: FRSX) has launched a new portfolio of advanced stereoscopic sensor kits: ScaleCam™ Vision, ScaleCam™ Thermal, and QuadSight®. These sensor kits are designed for serial production and enhance perception capabilities for industrial automation and autonomous mobility applications. The ScaleCam Vision converts depth maps into 3D point clouds, while ScaleCam Thermal excels in adverse weather conditions using heat signatures. QuadSight combines visible-light and thermal infrared imaging for autonomous vehicle applications. The technology aims to reduce development time across various sectors including heavy machinery, agriculture, logistics, drones, and automated special purpose vehicles.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) has signed a multi-phase collaboration agreement with Tata Elxsi, a global tier-one technology services provider. The partnership focuses on developing and commercializing advanced ADAS solutions using Foresight's stereoscopic technology for integration into Tata Motors vehicles. The initial phase targets passenger vehicles, heavy machinery, and agricultural vehicles in India. Tata Elxsi will promote Foresight's 3D perception solutions to its customer base, starting with the Indian automotive industry in 2024 and expanding to heavy machinery and agriculture sectors in the first half of 2025.
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