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Foresight and Tata Elxsi Sign Collaboration Agreement

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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.

Foresight Autonomous Holdings (Nasdaq e TASE: FRSX) ha firmato un accordo di collaborazione multi-fase con Tata Elxsi, un fornitore di servizi tecnologici di livello globale. La partnership si concentra sullo sviluppo e la commercializzazione di soluzioni avanzate ADAS, utilizzando la tecnologia stereoscopica di Foresight per l'integrazione nei veicoli Tata Motors. La fase iniziale mira a veicoli passeggeri, macchinari pesanti e veicoli agricoli in India. Tata Elxsi promuoverà le soluzioni di percezione 3D di Foresight alla sua base clienti, iniziando con l'industria automobilistica indiana nel 2024 e espandendosi ai settori dei macchinari pesanti e dell'agricoltura nella prima metà del 2025.

Foresight Autonomous Holdings (Nasdaq y TASE: FRSX) ha firmado un acuerdo de colaboración en varias fases con Tata Elxsi, un proveedor global de servicios tecnológicos de primer nivel. La asociación se centra en desarrollar y comercializar soluciones avanzadas ADAS utilizando la tecnología estereoscópica de Foresight para su integración en los vehículos de Tata Motors. La fase inicial se dirige a vehículos de pasajeros, maquinaria pesada y vehículos agrícolas en India. Tata Elxsi promoverá las soluciones de percepción 3D de Foresight entre su base de clientes, comenzando con la industria automotriz india en 2024 y expandiéndose a los sectores de maquinaria pesada y agricultura en la primera mitad de 2025.

Foresight Autonomous Holdings (Nasdaq 및 TASE: FRSX)는 글로벌 1급 기술 서비스 제공업체인 Tata Elxsi와 다단계 협력 협약을 체결했습니다. 이 파트너십은 Foresight의 입체 기술을 활용하여 Tata Motors 차량에 통합할 고급 ADAS 솔루션을 개발하고 상용화하는 데 중점을 두고 있습니다. 초기 단계는 인도의 승용차, 중장비 및 농업 차량을 목표로 합니다. Tata Elxsi는 2024년 인도 자동차 산업을 시작으로 Foresight의 3D 인식 솔루션을 고객에게 홍보하며, 2025년 상반기에는 중장비 및 농업 분야로 확장할 계획입니다.

Foresight Autonomous Holdings (Nasdaq et TASE : FRSX) a signé un accord de collaboration en plusieurs phases avec Tata Elxsi, un fournisseur de services technologiques de niveau mondial. Ce partenariat se concentre sur le développement et la commercialisation de solutions avancées ADAS utilisant la technologie stéréoscopique de Foresight pour leur intégration dans les véhicules de Tata Motors. La phase initiale cible les véhicules de tourisme, les machines lourdes et les véhicules agricoles en Inde. Tata Elxsi promouvra les solutions de perception 3D de Foresight auprès de sa clientèle, en commençant par l'industrie automobile indienne en 2024 et en s'étendant aux secteurs de la machinerie lourde et de l'agriculture au premier semestre 2025.

Foresight Autonomous Holdings (Nasdaq und TASE: FRSX) hat eine mehrphasige Kooperation mit Tata Elxsi, einem globalen Anbieter von Technologiedienstleistungen, unterzeichnet. Die Partnerschaft konzentriert sich auf die Entwicklung und Vermarktung fortschrittlicher ADAS-Lösungen unter Verwendung der stereoskopischen Technologie von Foresight zur Integration in Fahrzeuge von Tata Motors. Die erste Phase richtet sich an Personenkraftwagen, schwere Maschinen und Agrarfahrzeuge in Indien. Tata Elxsi wird die 3D-Wahrnehmungslösungen von Foresight bei seiner Kundenbasis bewerben, beginnend mit der indischen Automobilindustrie im Jahr 2024 und wird sich in der ersten Hälfte des Jahres 2025 auf die Bereiche schwere Maschinen und Landwirtschaft ausdehnen.

Positive
  • Strategic partnership with Tata Elxsi, a major tier-one supplier, expanding market reach in India
  • Integration of technology into Tata Motors vehicles, providing access to major automotive manufacturer
  • Market expansion into multiple sectors: passenger vehicles, heavy machinery, and agricultural vehicles
  • Planned global market expansion beyond Indian automotive industry
Negative
  • None.

Insights

This collaboration marks a significant strategic move for Foresight to penetrate the vast Indian automotive market through Tata Elxsi's established presence. The partnership combines Foresight's advanced stereoscopic technology with Tata Elxsi's integration capabilities, targeting multiple segments including passenger vehicles, heavy machinery and agricultural vehicles.

The phased approach, starting with ADAS implementation and progressing to autonomous features, provides a clear commercialization pathway. With Tata Elxsi's 13,000+ strong team and direct connection to Tata Motors, this partnership could significantly accelerate market adoption. The expansion into heavy machinery and agriculture sectors in H1 2025 further diversifies revenue potential.

This deal opens up substantial market opportunities in India's rapidly growing automotive sector. India's ADAS market is projected for significant growth, driven by increasing safety regulations and consumer demand. The partnership with Tata Elxsi, a respected tier-one supplier, provides Foresight with immediate credibility and access to established supply chains.

For a company with a market cap of just $10.1M, securing a collaboration with a major player like Tata represents a transformative opportunity. The multi-phase structure reduces implementation risk while providing clear pathways for revenue growth across different vehicle segments.

The parties will collaborate to accelerate development of solutions for semi-autonomous and autonomous vehicles using Foresight’s stereoscopic technology and Tata Elxsi’s integration solutions for marketing in the Indian automotive industry

Ness Ziona, Israel, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision systems, announced today the signing of multi-phase collaboration agreement with Tata Elxsi Limited (“Tata Elxsi”), a leading global tier-one supplier of design and technology services, providing solutions across various industries, including the automotive, broadcast, communications, healthcare, and transportation industries.

The initial phase will include the development and commercialization of advanced solutions for advanced driver assistance systems (ADAS). These will be integrated into passenger vehicles, heavy machinery and agricultural vehicles manufactured by Tata Motors. Building on the success of the ADAS implementations, the parties will continue to develop and commercialize advanced services for semi and fully autonomous features to be integrated into various applications within the automotive industry. 

Tata Elxsi will introduce and promote Foresight’s 3D perception solutions to its diverse customer base, starting with the Indian automotive industry, and subsequently targeting global automotive vehicle manufacturers. Furthermore, during the first half of 2025, Tata Elxsi plans to promote Foresight’s solutions to its existing customers in the heavy machinery and agriculture sectors.

Foresight’s 3D perception solutions are based on stereoscopic technology, using both visible-light and thermal infrared cameras, and proprietary algorithms to detect all objects and create high resolution 3D point clouds.

“We are excited to collaborate with Tata Elxsi to bring our advanced 3D perception technology to the Indian automotive industry. We believe that this collaboration will help us expand our footprint in the emerging Indian market, including in autonomous passenger vehicles, heavy machinery and agricultural equipment, thereby leading to safer and more efficient transportation options across India,” said Oren Bar-On, Chief Executive Officer of Foresight Asia.

About Tata Elxsi

Tata Elxsi is a fully integrated global design and technology consultancy, creating innovative products, services and experiences to build brands and help businesses grow. It has a multi-disciplinary team of over 13,000 design researchers, strategists, product, UX/ UI designers, technologists, and engineers. Tata Elxsi helps clients globally to bring new ideas and award-winning products and services to market. For more information, visit www.tataelxsi.com

About Foresight

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.

Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.

For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on “X” (formerly Twitter), or join Foresight Automotive on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the prospective phrases of the collaboration agreement between Tata Elxsi and Foresight, the potential exposure of Foresight’s technology to certain heavy machinery and agricultural sector manufacturers, and the belief that this collaboration will aid Foresight’s expansion of its footprint in the Indian market, thereby potentially leading to safer and more efficient transportation options across India. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites. 

Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654 


FAQ

What is the collaboration agreement between Foresight (FRSX) and Tata Elxsi?

Foresight and Tata Elxsi signed a multi-phase collaboration agreement to develop and commercialize ADAS solutions using Foresight's stereoscopic technology for integration into Tata Motors vehicles, targeting the Indian automotive industry.

When will Tata Elxsi promote Foresight's (FRSX) solutions to heavy machinery and agriculture sectors?

Tata Elxsi plans to promote Foresight's solutions to its customers in the heavy machinery and agriculture sectors during the first half of 2025.

What technology is Foresight (FRSX) providing in the Tata Elxsi partnership?

Foresight is providing 3D perception solutions based on stereoscopic technology, using visible-light and thermal infrared cameras with proprietary algorithms to detect objects and create high-resolution 3D point clouds.

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