Foresight: Eye-Net and SoftBank Join Forces with Japanese Automaker to Advance Cellular V2X Technology for Enhanced Road Safety

Rhea-AI Summary

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.

Positive

• Secured partnership with major Japanese automaker and SoftBank
• Paid proof of concept project generating immediate revenue
• Potential for full commercial deployment in manufacturer's vehicles
• Multi-phase agreement structure provides clear path to commercialization

Negative

• Success of initial phases not guaranteed
• Timeline for full commercial deployment not specified
• Integration into vehicle systems subject to successful evaluations

Insights

Technology Analyst

<p>The collaboration between Eye-Net, SoftBank and a major Japanese automaker represents a strategic advancement in C-V2X technology implementation. The multi-phase approach, starting with a paid POC, indicates serious commercial intent rather than just exploratory research. The potential integration into the automaker's infotainment systems and eventually into ADAS presents a clear path to commercialization.</p><p>The involvement of SoftBank's cellular infrastructure is particularly important - their <b>5G network capabilities</b> could provide the low-latency communication essential for real-time collision avoidance systems. For a micro-cap company like Foresight (<money>$14M</money> market cap), securing partnerships with industry giants significantly enhances their market position and technology validation.</p>

Automotive Industry Analyst

<p>The Japanese automotive market's stringent safety standards and technological adoption patterns make this partnership particularly noteworthy. While the automaker remains unnamed, Japanese manufacturers are known for extensive testing before integration, suggesting this isn't a casual exploration but a serious evaluation of Eye-Net's technology.</p><p>The phased approach aligns with typical automotive industry practices: <ul><li>Phase 1: Standalone evaluation</li><li>Phase 2: Infotainment integration</li><li>Phase 3: ADAS integration</li></ul>This structured progression indicates a well-thought-out implementation strategy that could potentially lead to volume deployment across multiple vehicle models.</p>

Ness Ziona, Israel, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced that its wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net” or “Eye-Net Mobile”) has entered into a multi-phase agreement with SoftBank Corp. (Tokyo: 9434) (“SoftBank”) and a leading Japanese vehicle manufacturer. The collaboration aims to evaluate Eye-Net’s cutting-edge cellular vehicle-to-everything (C-V2X) technology as a key component in advanced driver assistance systems, potentially setting a new standard for road safety.

Under the terms of the agreement signed earlier this year, Eye-Net is conducting a paid proof of concept (POC) project supported by SoftBank’s cellular network infrastructure. This initiative is designed to explore the integration of Eye-Net’s non-line-of-sight collision avoidance solution into the automaker’s future vehicle systems, addressing critical challenges in real-time situational awareness.

The initial phase of the collaboration consists 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, potentially leading to the full commercial deployment in the manufacturer’s vehicles.

"This collaboration marks a significant milestone in our mission to revolutionize road safety through cutting-edge C-V2X technology. By combining Eye-Net’s innovative solutions with SoftBank’s robust infrastructure and the expertise of a leading Japanese automaker, we are taking a vital step toward creating safer roads and protecting millions of lives from non-line-of-sight collisions," said Dror Elbaz, Chief Executive Office 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 the aims of the collaboration, 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 significance of FRSX's partnership with SoftBank and the Japanese automaker?

The partnership allows FRSX's Eye-Net Mobile to evaluate and potentially integrate its C-V2X technology into a major automaker's vehicles, with support from SoftBank's network infrastructure, potentially leading to full commercial deployment.

What are the phases of FRSX's Eye-Net integration project?

The project includes three phases: standalone evaluation of Eye-Net Sense demonstration kit, potential integration into infotainment systems, and possible integration into advanced driver assistance systems for full commercial deployment.

How will FRSX's Eye-Net technology enhance vehicle safety?

Eye-Net's technology provides non-line-of-sight collision avoidance solutions using C-V2X technology, improving real-time situational awareness and road safety.

Is FRSX generating revenue from the SoftBank and Japanese automaker partnership?

Yes, FRSX is conducting a paid proof of concept (POC) project as part of the agreement, generating immediate revenue.

What conditions must FRSX meet for full commercial deployment with the Japanese automaker?

FRSX must successfully complete the initial evaluation phase and integration into infotainment systems before proceeding to full integration into advanced driver assistance systems for commercial deployment.