Foresight Signs Multi-Phase Collaboration Agreement with BuilderX

Rhea-AI Summary

Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) has signed a multi-phase collaboration agreement with BuilderX Inc., a Chinese developer of AI tele-operations equipment for heavy machinery. This follows a successful proof-of-concept project completed in July 2024. The collaboration aims to develop and commercialize advanced 3D perception solutions for construction machinery, integrating Foresight's stereoscopic technology into BuilderX's remote-controlled consoles.

The partnership addresses challenges in industrial operations, including hazardous chemicals, severe dust conditions, and poor visibility. Long-term goals include integrating Foresight's perception capabilities into BuilderX's autonomous heavy machinery equipment, potentially enhancing full autonomous driving capabilities in harsh industrial environments.

Positive

• Successful completion of proof-of-concept project with BuilderX
• Positive feedback from BuilderX's customers regarding Foresight's technology
• Potential expansion into the heavy machinery industry
• Development of advanced 3D perception solutions for construction machinery
• Long-term collaboration for integrating technology into autonomous heavy machinery

Negative

• None.

Insights

Technology Analyst

This collaboration between Foresight and BuilderX marks a significant step in advancing AI-driven safety solutions for heavy machinery in hazardous environments. The integration of Foresight's stereoscopic technology with BuilderX's remote-controlled consoles addresses critical challenges in industrial operations, such as toxic chemicals, severe dust and poor visibility.

The successful POC project and positive customer feedback indicate strong market potential. Key points to consider:

• Short-term focus on developing 3D perception solutions using visible-light cameras
• Long-term plans to integrate thermal cameras for enhanced autonomous capabilities
• Potential for improved safety and efficiency in mining, construction and other hazardous industries

While this partnership shows promise, investors should note that the commercialization timeline and revenue impact remain uncertain. The success will depend on factors like market adoption rates, regulatory approvals and the ability to scale the technology effectively.

Industrial Safety Expert

This collaboration addresses critical safety concerns in hazardous industrial environments. The integration of Foresight's 3D perception technology with BuilderX's remote-controlled systems has the potential to significantly reduce risks to human operators in toxic, dusty, or low-visibility conditions.

Key safety implications include:

• Reduced exposure of workers to hazardous chemicals and dust
• Improved visibility and accident prevention in poor lighting conditions
• Enhanced real-time monitoring and control of heavy machinery

The long-term goal of integrating this technology into autonomous heavy machinery could further revolutionize safety standards in the industry. However, it's important to monitor how well these systems perform in real-world conditions and ensure they meet or exceed current safety regulations.

Following successful POC project completion, the parties will develop and commercialize AI tele-operations solutions for heavy machinery to improve safety in hazardous industrial environments.

Ness Ziona, Israel, Sept. 27, 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 BuilderX Inc. (“BuilderX”), a Chinese developer of artificial intelligence (AI) tele-operations equipment for heavy machinery, designed primarily for operation in hazardous industrial and mining environments. BuilderX's products enable real-time remote operation and monitoring of heavy machinery through remote controlled consoles, utilizing multiple cameras mounted on the heavy machinery.

The collaboration agreement follows the successful completion of a proof-of concept (POC) project reported by the Company on July 10, 2024. The project aimed to address key challenges in diverse industrial operations, including the presence of hazardous chemicals and gases that can be toxic, severe dust conditions that pose significant health risks to human operators, and poor visibility conditions caused by intensive dust, glare, or insufficient lighting that can impair operator vision and increase the risk of accidents. BuilderX presented Foresight's technology to its customers, receiving positive feedback regarding its potential for integration into industrial and heavy machinery applications.

The parties will cooperate to develop and commercialize advanced 3D perception solutions for construction machinery and equipment, based on Foresight’s stereoscopic technology, using mainly visible-light cameras, to be integrated into BuilderX remote-controlled consoles. In the longer term, the parties will collaborate to integrate Foresight's perception capabilities, utilizing both visible-light and thermal cameras, into BuilderX's autonomous heavy machinery equipment. This integration is expected to potentially enhance full autonomous driving capabilities in harsh industrial environmental conditions.

“BuilderX is committed to driving innovation in the heavy machinery industry, and our partnership with Foresight is a key step in that direction. As hazardous environments pose significant challenges for heavy machinery, we believe that our collaboration with Foresight will provide our equipment with the advanced AI capabilities needed to navigate these demanding conditions and deliver exceptional performance,” said Shaolong Sui, Chief Executive Officer at BuilderX.

“We are excited to partner with BuilderX to bring our advanced 3D perception technology to the heavy machinery industry. This collaboration will enable us to leverage our expertise and enable heavy machinery to operate reliably and safely in even the most extreme conditions,” said Oren Bar-On, Chief Executive Officer of Foresight Asia.

About BuilderX

BuilderX, a technology company specializing in remote-controlled devices for construction equipment, was founded with the mission of transforming challenging work sites into safe and comfortable places. It seeks to utilize information and communication technology (ICT) solutions and AI to achieve practical and easy-to-use remote control and, as a leading industry player in China, BuilderX has already installed more than 100 control consoles at mines, ports, and other sites.

For more information about BuilderX, visit https://www.builderxrobotics.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 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 capabilities of BuilderX’s products, the outline of the multi-phase collaboration agreement, the belief that the technological integration is expected to potentially enhance full autonomous driving capabilities in certain environmental conditions, the belief that BuilderX’s collaboration with Foresight is a key step to driving innovation in the heavy machinery industry, the belief that BuilderX’s collaboration with Foresight will enable its equipment to be combined with advanced AI capabilities, and the belief that this collaboration will enable the companies to leverage expertise and enable heavy machinery to operate reliably and safely in certain conditions. 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 collaboration with BuilderX?

The collaboration aims to develop and commercialize advanced 3D perception solutions for construction machinery and equipment, integrating Foresight's stereoscopic technology into BuilderX's remote-controlled consoles.

How does this collaboration benefit Foresight (FRSX)?

This collaboration allows Foresight to expand into the heavy machinery industry, potentially increasing its market reach and applying its technology to new applications in hazardous industrial environments.

What challenges in industrial operations does this partnership address?

The partnership addresses challenges such as hazardous chemicals and gases, severe dust conditions that pose health risks, and poor visibility conditions that can impair operator vision and increase accident risks.

What are the long-term goals of the Foresight (FRSX) and BuilderX collaboration?

Long-term goals include integrating Foresight's perception capabilities, using both visible-light and thermal cameras, into BuilderX's autonomous heavy machinery equipment to enhance full autonomous driving capabilities in harsh industrial environments.