Foresight: Eye-Net and Softbank Corp. Successfully Complete Technology Validation Phase for Connected Mobility Applications in Japan
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Insights
The partnership between Foresight Autonomous Holdings Ltd. and SoftBank, marked by the successful completion of the proof of concept (POC) for Eye-Net's products, signifies a strategic move into the Japanese market. This collaboration aligns with the growing demand for advanced driver assistance systems (ADAS) and the integration of 5G technology which is pivotal for real-time data transmission in autonomous vehicles. The focus on collision prevention technology is timely, considering the increasing vehicle automation levels and Japan's commitment to reducing road traffic accidents.
Eye-Net's foray, supported by SoftBank's robust network and business partners, could potentially disrupt the ADAS market in Japan. The success of the POC with SoftBank's predefined key performance indicators suggests that Eye-Net's solutions are reliable and could be effectively integrated into Japan's existing mobile infrastructure. This is promising for Foresight Autonomous Holdings as it could lead to an increase in demand for their services, potentially impacting the company's revenue streams and market share within the industry.
The announcement of the commercial validation phase for Eye-Net's technology in collaboration with SoftBank can be seen as a positive signal for investors in Foresight Autonomous Holdings. The ability of Eye-Net's technology to meet predefined key performance indicators and its compatibility with both LTE and 5G networks are critical factors that could influence the adoption rate of their collision prevention solutions. If the commercial validation is successful and leads to significant sales with SoftBank's business partners, this could have a favorable impact on Foresight's stock performance.
Investors should monitor the progression of this commercial validation phase closely, as the results will provide valuable insights into the potential scalability of Eye-Net's products in the Japanese market and possibly beyond. This could lead to a reassessment of the company's valuation, especially if Eye-Net's solutions gain traction and become a standard in the industry.
The integration of Eye-Net's location services into SoftBank's multi-access edge computing (MEC) infrastructure is a significant technical achievement. MEC allows for low-latency applications which are essential for the real-time functionality required in collision prevention systems. The compatibility with both LTE and the more advanced 5G networks ensures that Eye-Net's solutions can be implemented in a wide range of environments, which is important for the diverse Japanese topography and urban landscapes.
With the increasing global push towards connected mobility and smart cities, Eye-Net's products could set a precedent for future international standards in vehicle communication and safety. The technological validation in diverse environments, including the rigorous testing on open roads, indicates a high level of reliability and performance that could be expected from Eye-Net's systems. This is not only beneficial for Foresight's business prospects but also for the advancement of safer vehicular technologies as a whole.
As a result of the successful completion of the POC, the parties will initiate sales efforts with SoftBank's key business partners for commercial validation
Ness Ziona, Israel, March 22, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision solution, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), announced today that SoftBank Corp. (Tokyo: 9434) (“SoftBank”) will collaborate with its business partners to initiate commercial validation efforts of Eye-Net's products in Japan following the successful completion of Eye-Net’s technology validation.
As previously announced on November 6, 2023, SoftBank and Eye-Net have entered into a multi-phase agreement initiated in a paid technological proof of concept (POC) project. The technological POC was confirmed to be successful after the Eye-Net Protect product met all of Softbank's predefined key performance indicators.
During the POC, Eye-Net’s location services were deployed on SoftBank's multi-access edge computing (MEC) infrastructure. This deployment follows extensive testing in diverse environments, including closed areas as well as open roads. The testing confirmed the system performance and full compatibility with both long-term evolution (LTE) and 5G cellular networks, paving the way for connected mobility applications.
As a result of the successful completion of the POC, the parties will initiate sales efforts with SoftBank's key business partners in order to move forward with the commercial validation of Eye-Net’s solutions for improved collision prevention in the Japanese market.
“We are thrilled that SoftBank has confirmed the successful completion of the technology validation phase and the compatibility of Eye-Net’s technology for both LTE and 5G cellular networks. This milestone marks the beginning of collaborative efforts with SoftBank for commercial validation of Eye-Net’s products in Japan," said Dror Elbaz, CEO of Eye-Net Mobile. "Eye-Net is grateful to collaborate with SoftBank on the visionary path towards introducing a new social road safety approach. Our collaboration aims to offer an accident prediction and prevention solution that could protect millions of users from non-line-of-sight collisions and contribute to a safer Japanese mobile society,” Mr. Elbaz concluded.
For more information about Eye-Net, please visit www.eyenet-mobile.com, or follow the Company’s LinkedIn page, Eye-Net Mobile; 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 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 collaboration between SoftBank and its business partners in initiating commercial validation efforts of Eye-Net’s products in Japan, that the collaboration may pave the way for connected mobile applications with Eye-Net’s technology, that the parties to the POC will initiate sales efforts with SoftBank’s key business partners, and the Company’s visionary path towards introducing a new social road safety approach. 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 filed with the Securities and Exchange Commission ("SEC") on March 30, 2023, 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
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