Foresight: Eye-Net and SoftBank Corp. Enter Agreement with Japanese Vehicle Manufacturer
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) announced that its subsidiary, Eye-Net Mobile, has signed a three-way multi-phase agreement for a paid proof of concept project with SoftBank Corp. and a Japanese vehicle manufacturer. The project, set to begin in Q3 2024, aims to evaluate Eye-Net™ Sense technology for potential integration into the manufacturer's advanced driver assistance systems (ADAS).
The initial phase involves evaluating the Eye-Net™ Sense demonstration kit in standalone mode. Successful completion could lead to integration into the manufacturer's infotainment systems and eventually full commercial deployment in vehicles. This collaboration aims to significantly improve road safety by protecting millions of users from non-line-of-sight collisions.
Foresight Autonomous Holdings (Nasdaq e TASE: FRSX) ha annunciato che la sua controllata, Eye-Net Mobile, ha firmato un accordo triennale in più fasi per un progetto di prova concettuale retribuito con SoftBank Corp. e un produttore automobilistico giapponese. Il progetto, che inizierà nel terzo trimestre del 2024, mira a valutare la tecnologia Eye-Net™ Sense per una possibile integrazione nei sistemi avanzati di assistenza alla guida (ADAS) del produttore.
La fase iniziale prevede la valutazione del kit dimostrativo Eye-Net™ Sense in modalità autonoma. Il suo completamento con successo potrebbe portare all'integrazione nei sistemi di infotainment del produttore e, infine, a un'implementazione commerciale completa nei veicoli. Questa collaborazione mira a migliorare significativamente la sicurezza stradale, proteggendo milioni di utenti da collisioni al di fuori del campo visivo.
Foresight Autonomous Holdings (Nasdaq y TASE: FRSX) anunció que su subsidiaria, Eye-Net Mobile, ha firmado un acuerdo tripartito en varias fases para un proyecto de prueba de concepto remunerado con SoftBank Corp. y un fabricante de vehículos japonés. El proyecto, que comenzará en el tercer trimestre de 2024, tiene como objetivo evaluar la tecnología Eye-Net™ Sense para una posible integración en los sistemas avanzados de asistencia al conductor (ADAS) del fabricante.
La fase inicial implica evaluar el kit de demostración Eye-Net™ Sense en modo autónomo. La finalización exitosa de esta fase podría conducir a la integración en los sistemas de infoentretenimiento del fabricante y, eventualmente, a un despliegue comercial completo en los vehículos. Esta colaboración tiene como objetivo mejorar significativamente la seguridad vial protegiendo a millones de usuarios de colisiones fuera de la vista.
포리사이트 자율 홀딩스(Nasdaq 및 TASE: FRSX)는 자회사인 아이넷 모바일(Eye-Net Mobile)이 소프트뱅크(SofBank Corp.) 및 일본 자동차 제조업체와 유료 개념 증명 프로젝트를 위한 3자 다단계 계약을 체결했다고 발표했습니다. 이 프로젝트는 2024년 3분기부터 시작되며, 아이넷™ 센스 기술의 평가를 통해 제조사의 첨단 운전 보조 시스템(ADAS)에 통합 가능성을 탐색하는 것을 목표로 하고 있습니다.
초기 단계에서는 아이넷™ 센스 데모 키트를 독립 모드에서 평가합니다. 성공적으로 완료되면 제조사의 인포테인먼트 시스템에 통합되고 궁극적으로 차량에 전면 상용화될 수 있습니다. 이 협력은 시야가 닿지 않는 충돌로부터 수백만 사용자를 보호하여 도로 안전성을 크게 향상시킬 수 있는 목표를 가지고 있습니다.
Foresight Autonomous Holdings (Nasdaq et TASE : FRSX) a annoncé que sa filiale, Eye-Net Mobile, a signé un accord tripartite en plusieurs phases pour un projet de preuve de concept rémunéré avec SoftBank Corp. et un constructeur automobile japonais. Le projet, qui débutera au troisième trimestre 2024, vise à évaluer la technologie Eye-Net™ Sense en vue d'une éventuelle intégration dans les systèmes avancés d'assistance à la conduite (ADAS) du constructeur.
La phase initiale consiste à évaluer le kit de démonstration Eye-Net™ Sense en mode autonome. La réussite de cette phase pourrait permettre une intégration dans les systèmes d'infodivertissement du constructeur et, finalement, un déploiement commercial complet dans les véhicules. Cette collaboration vise à améliorer significativement la sécurité routière en protégeant des millions d'utilisateurs contre les collisions hors champ de vision.
Foresight Autonomous Holdings (Nasdaq und TASE: FRSX) gab bekannt, dass seine Tochtergesellschaft Eye-Net Mobile eine dreiwegige, mehrstufige Vereinbarung für ein bezahltes Proof-of-Concept-Projekt mit SoftBank Corp. und einem japanischen Fahrzeughersteller unterzeichnet hat. Das Projekt, das im dritten Quartal 2024 beginnen soll, hat zum Ziel, die Eye-Net™ Sense-Technologie auf ihre potenzielle Integration in die fortschrittlichen Fahrerassistenzsysteme (ADAS) des Herstellers zu bewerten.
In der initialen Phase wird das Eye-Net™ Sense-Demonstrationskit im Standalone-Modus bewertet. Ein erfolgreicher Abschluss könnte zur Integration in die Infotainmentsysteme des Herstellers und schließlich zur vollständigen kommerziellen Bereitstellung in Fahrzeugen führen. Diese Zusammenarbeit zielt darauf ab, die Verkehrssicherheit erheblich zu verbessern, indem Millionen von Nutzern vor Kollisionen außerhalb des Sichtfeldes geschützt werden.
- Signed paid proof of concept agreement with SoftBank and Japanese vehicle manufacturer
- Potential integration of Eye-Net Sense into vehicle manufacturer's ADAS systems
- Opportunity to protect millions of road users in Japan from non-line-of-sight collisions
- Multi-phase project with possibility of full commercial deployment in vehicles
- Project success and future phases dependent on successful evaluation of initial phase
- No guarantee of full commercial deployment or integration into vehicles
Insights
This agreement between Eye-Net, SoftBank and an unnamed Japanese vehicle manufacturer represents a potentially significant development for Foresight Autonomous Holdings (FRSX). While the immediate financial impact is likely minimal, the long-term implications could be substantial if the project progresses through all phases.
The multi-phase approach allows for gradual validation of Eye-Net's technology, mitigating risk for all parties involved. The initial paid proof of concept (POC) project suggests there's genuine interest from the vehicle manufacturer, which is encouraging. However, investors should note that progression to full commercial deployment is contingent on successful completion of earlier phases.
SoftBank's involvement adds credibility and provides necessary infrastructure support, potentially accelerating the path to market. Their extensive network and large user base in Japan could be pivotal for widespread adoption if the technology proves successful.
From a financial perspective, while specific monetary details are not disclosed, such collaborations typically involve milestone payments. The real value lies in the potential for full commercial deployment, which could lead to significant recurring revenue streams for Foresight.
Investors should monitor key milestones in this project, particularly the outcomes of the initial evaluation and any progress towards integration into the manufacturer's infotainment systems. These will be critical indicators of the technology's viability and the likelihood of reaching full commercial deployment.
The collaboration between Eye-Net, SoftBank and a Japanese vehicle manufacturer is technologically significant, focusing on integrating Eye-Net's collision prevention technology into advanced driver assistance systems (ADAS).
Eye-Net's technology, which provides real-time pre-collision alerts, addresses a critical challenge in road safety: non-line-of-sight collisions. This is particularly relevant in urban environments where obstacles frequently obstruct drivers' views. The technology's potential integration into ADAS systems could represent a significant advancement in vehicle safety capabilities.
The phased approach is technically sound. Starting with a standalone evaluation allows for isolated testing of the Eye-Net Sense demonstration kit. The subsequent phase, integrating into the infotainment system, is a logical step that allows for user interface testing and real-world usability assessment before full ADAS integration.
SoftBank's involvement is important from a technical standpoint. Their provision of cellular network infrastructure is vital for the functioning of Eye-Net's cellular-based solution. This collaboration could potentially leverage 5G technology for faster, more reliable communication between vehicles and other road users.
However, challenges remain. Integration with existing ADAS systems can be complex, requiring seamless data fusion from multiple sensors. Additionally, ensuring low latency in real-time alert systems is critical for effectiveness in collision prevention. The success of this project will largely depend on overcoming these technical hurdles.
Parties are collaborating in a multi-phase plan to assess Eye-Net’s technology as a potential ADAS system for the manufacturer’s vehicles
Ness Ziona, Israel, July 26, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision solutions, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has signed a three-way multi-phase agreement for a paid proof of concept (POC) project with SoftBank Corp. (Tokyo: 9434) (“SoftBank”) and a Japanese vehicle manufacturer. SoftBank will provide the required cellular network infrastructure and support for the project.
The project is part of a multi-phase plan to be initiated during the third quarter of 2024. The initial phase will consist of an evaluation of Eye-Net™ Sense demonstration kit in a standalone mode. Upon successful evaluation, the parties may engage in the second phase of integrating Eye-Net Sense into the vehicle manufacturer’s infotainment systems. Successful completion of the first two phases could lead to the integration of the Eye-Net Sense solution into the manufacturer’s advanced driver assistance systems (ADAS), potentially leading to full commercial deployment in the manufacturer’s vehicles.
“This agreement marks a significant advancement for Eye-Net and an additional initiative in Japan's automotive sector aimed at significantly improving road safety. By combining SoftBank's extensive network of partners and large user base with the vehicle manufacturer's widespread driver and vehicle presence, Eye-Net holds the potential to protect millions of road users across the country from non-line-of-sight collisions,” said Dror Elbaz, CEO of Eye-Net.
For more information about Eye-Net, please visit www.eyenet-mobile.com, or follow the Company’s LinkedIn page, Eye-Net Mobile; X (formerly Twitter), @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
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’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 that a successful completion of the first two phases could lead to the integration of the Eye-Net Sense solution into the manufacturer’s advanced driver assistance systems, potentially leading to full commercial deployment in the manufacturer’s vehicles, the advantages and benefits of Eye-Net Sense and that Eye-Net holds the potential to protect millions of road users across the country from non-line-of-sight collisions . 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 new agreement announced by Foresight Autonomous Holdings (FRSX)?
When will the Eye-Net and SoftBank project with the Japanese vehicle manufacturer begin?
What are the potential outcomes of the Eye-Net Sense technology evaluation for FRSX?
How could the Eye-Net technology benefit road safety in Japan?
