Foresight Signs AI-Driven Smart Parking Solutions Collaboration Agreement with South Korean 7meerkat and KONEC
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) ha firmato un accordo di cooperazione strategica a tre con le aziende sudcoreane 7meerkat e KONEC per sviluppare e commercializzare soluzioni di smart parking alimentate dall'IA. Questa collaborazione segue un progetto di prova di concetto di successo e integrerà la tecnologia di percezione 3D di Foresight con i sistemi di gestione parcheggi di 7meerkat, mentre KONEC guiderà la promozione nel mercato.
Le soluzioni presenteranno funzionalità di identificazione dei veicoli basate sull'IA, riconoscimento delle targhe e capacità di monitoraggio per veicoli elettrici e condizioni dei veicoli. Le parti mirano a finalizzare un accordo commerciale entro la fine del primo trimestre del 2025. La tecnologia combina telecamere a luce visibile e a infrarossi termici per migliorare l'efficienza del parcheggio urbano e l'esperienza dell'utente, in particolare in condizioni meteorologiche avverse e di scarsa illuminazione.
Foresight Autonomous Holdings (NASDAQ: FRSX) ha firmado un acuerdo de cooperación estratégica tripartito con las empresas surcoreanas 7meerkat y KONEC para desarrollar y comercializar soluciones de estacionamiento inteligentes impulsadas por IA. Esta colaboración sigue a un exitoso proyecto de prueba de concepto e integrará la tecnología de percepción 3D de Foresight con los sistemas de gestión de estacionamiento de 7meerkat, mientras que KONEC liderará la promoción del mercado.
Las soluciones contarán con funciones de identificación de vehículos impulsadas por IA, reconocimiento de matrículas y capacidades de monitoreo para vehículos eléctricos y condiciones de vehículos. Las partes tienen como objetivo finalizar un acuerdo comercial para finales del primer trimestre de 2025. La tecnología combina cámaras de luz visible e infrarroja térmica para mejorar la eficiencia del estacionamiento urbano y la experiencia del usuario, particularmente en condiciones climáticas adversas y de poca luz.
Foresight Autonomous Holdings (NASDAQ: FRSX)는 한국의 7meerkat 및 KONEC와 함께 AI 기반 스마트 주차 솔루션을 개발 및 상용화하기 위한 삼자 전략 협력 계약을 체결했습니다. 이 협력은 성공적인 개념 증명 프로젝트에 이어 이루어졌으며, Foresight의 3D 인식 기술을 7meerkat의 주차 관리 시스템과 통합하고, KONEC는 시장 홍보를 주도할 예정입니다.
솔루션은 AI 기반의 차량 식별, 번호판 인식 및 전기차와 차량 상태에 대한 모니터링 기능을 갖추게 됩니다. 각 당사자는 2025년 첫 분기 말까지 상업적 계약을 체결하는 것을 목표로 하고 있습니다. 이 기술은 가시광선 및 열적외선 카메라를 결합하여 도시 주차의 효율성과 사용자 경험을 향상시키며, 특히 악천후와 저조도 조건에서 효과적입니다.
Foresight Autonomous Holdings (NASDAQ: FRSX) a signé un accord de coopération stratégique tripartite avec les entreprises sud-coréennes 7meerkat et KONEC pour développer et commercialiser des solutions de stationnement intelligent alimentées par IA. Cette collaboration fait suite à un projet de preuve de concept réussi et intégrera la technologie de perception 3D de Foresight avec les systèmes de gestion de stationnement de 7meerkat, tandis que KONEC dirigera la promotion sur le marché.
Les solutions comprendront des fonctionnalités d'identification de véhicules basées sur l'IA, de reconnaissance de plaques d'immatriculation et de suivi pour les véhicules électriques et les conditions de véhicule. Les parties visent à finaliser un accord commercial d'ici la fin du premier trimestre 2025. La technologie combine des caméras à lumière visible et infrarouge thermique pour améliorer l'efficacité du stationnement urbain et l'expérience utilisateur, en particulier dans des conditions météorologiques rigoureuses et de faible luminosité.
Foresight Autonomous Holdings (NASDAQ: FRSX) hat eine dreiseitige strategische Kooperationsvereinbarung mit den südkoreanischen Unternehmen 7meerkat und KONEC unterzeichnet, um KI-gesteuerte intelligente Parklösungen zu entwickeln und zu kommerzialisieren. Diese Zusammenarbeit folgt auf ein erfolgreiches Machbarkeitsprojekt und wird Foresights 3D-Wahrnehmungstechnologie mit den Parkmanagementsystemen von 7meerkat integrieren, während KONEC die Marktförderung leiten wird.
Die Lösungen werden KI-unterstützte Fahrzeugidentifikation, Kennzeichenerkennung und Überwachungsfunktionen für Elektrofahrzeuge und Fahrzeugbedingungen bieten. Die Partner zielen darauf ab, bis Ende des ersten Quartals 2025 eine kommerzielle Vereinbarung abzuschließen. Die Technologie kombiniert sichtbare Licht- und thermische Infrarotkameras, um die Effizienz des urbanen Parkens und das Benutzererlebnis, insbesondere bei schlechten Wetter- und Lichtverhältnissen, zu verbessern.
- Strategic partnership with established South Korean companies expands market reach
- Successful completion of proof-of-concept project validates technology effectiveness
- Integration with Tier-One automotive supplier KONEC provides access to major customers like Tesla, Hyundai, and Kia
- Commercial agreement not yet finalized
- Revenue impact and financial terms not disclosed
Insights
This collaboration represents a strategic move into the growing smart parking solutions market. The integration of Foresight's 3D perception technology with 7meerkat's AI systems creates a comprehensive solution for modern urban infrastructure. The successful proof-of-concept in challenging conditions demonstrates technical viability, while KONEC's involvement as a Tier-1 supplier with connections to major automakers like Tesla and Hyundai provides a clear path to market.
The technology stack combining visible-light and thermal infrared cameras with AI-driven analytics offers significant advantages over traditional parking systems, particularly in adverse conditions. Key features like automated vehicle identification, condition monitoring and electric vehicle management address growing market needs. However, given Foresight's small market cap of
The smart parking market presents a significant opportunity, with the global market expected to grow substantially due to increasing urbanization and smart city initiatives. The partnership structure is strategically sound - combining Foresight's technology expertise, 7meerkat's parking management systems and KONEC's manufacturing and distribution capabilities. The South Korean market entry provides access to one of Asia's most advanced automotive and smart city markets.
The timeline for finalizing the commercial agreement by Q1 2025 suggests careful development and testing phases. While the collaboration has potential, investors should note that monetization will take time and success depends on the final commercial terms. The microcap nature of Foresight adds both opportunity and risk factors to this development.
The parties will collaborate to develop and commercialize advanced
AI-powered parking management solutions to enhance urban parking, making it smarter, more efficient and user-friendly
Ness Ziona, Israel, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced today the signing of a three-way multi-phase strategic cooperation agreement with 7meerkat Ltd. (“7meerkat”), a South Korean company providing next generation parking and city management systems, and KONEC Ltd. (“KONEC”), a leading South Korean Tier-One automotive supplier. The parties will collaborate to develop and commercialize artificial intelligence (AI)-powered smart parking and city management solutions using Foresight's advanced 3D perception technology.
These innovations will include precise AI analysis of vehicle data, automated parking systems, and smart urban mobility enhancements. The solutions will feature AI-driven vehicle identification, including license plate recognition, as well as monitoring for electric vehicles and vehicle conditions such as contamination and damage. Overall, these solutions aim to make urban parking smarter, more efficient, and user-friendly.
The agreement follows the successful completion of a proof-of-concept project that assessed the performance of Foresight’s technology in detecting vehicles and pedestrians in parking lots in harsh weather and low-light conditions.
This collaboration will integrate Foresight's 3D perception technology, using both visible-light and thermal infrared cameras, into 7meerkat's AI-powered parking and city management systems, with KONEC leading the market promotion. The parties aim to finalize a commercial agreement by the end of the first quarter of 2025.
About 7meerkat
7meerkat provides next generation parking management systems focusing on AI driven capability of automatic number plate recognition and vehicle classification. 7meerkat is seeking to expand its business but also at the global market with a full solution for smart parking and city management. 7meerkat specializes in advanced object behavior analytics, lifestyle platforms and Concierge Services, dynamic space optimization, data-driven insights and enhanced user experience.
About KONEC
KONEC is a leading Tier-One automotive supplier that manufactures automobile parts for eco-friendly vehicles using a high-pressure die-casting process. KONEC has established a batch production system for lightweight metal raw materials, molds, castings, processing, and assembly through cooperation among its group affiliates. Major customers include Tesla, Hyundai Motor, and Kia. In addition to the existing business scope of lightweight metal body, chassis, and body parts, KONEC is venturing into new industries in line with the electrification of mobility and software advancements.
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 Automotive”), 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 proposed benefits of the collaboration agreement, the parties’ future obligations and objectives with respect to the collaboration agreement and their aim to finalize a commercial agreement by the end of the first quarter of 2025. 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 purpose of Foresight's (FRSX) collaboration with 7meerkat and KONEC?
When will Foresight (FRSX) finalize the commercial agreement with 7meerkat and KONEC?
What technology will Foresight (FRSX) contribute to the smart parking solution?
