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Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), established in July 2015, is a pioneering technology company focused on the automotive industry. Through its wholly-owned subsidiary, Foresight Automotive Ltd., the company is dedicated to the design, development, and commercialization of advanced vision systems. These systems play a critical role in enhancing driving safety by utilizing stereo and quad camera technologies.
Foresight's innovative solutions are built on a foundation of stereoscopic technology, which has been field-proven for nearly two decades. The company's patented technology integrates 3D video analysis and sophisticated image processing algorithms to accurately detect potential collisions with vehicles, pedestrians, cyclists, and other road obstacles. This advanced system provides real-time alerts with minimal false positives, significantly improving road safety.
Foresight offers a variety of solutions tailored for the modern automotive industry, including both in-line-of-sight and beyond-line-of-sight applications. These solutions deploy either a two-camera setup for visible light conditions or a four-camera system to handle more complex scenarios. The company is actively pursuing numerous markets and partnerships to bring its cutting-edge technology to a broader audience.
Recent developments and achievements highlight Foresight's commitment to innovation and market growth. The company continues to make strides in financial stability and operational excellence. Their corporate highlights for the first quarter of 2024 showcased steady progress, with key updates on both financial results and strategic initiatives.
Foresight's vision systems are poised to revolutionize automotive safety, offering a cost-effective, reliable, and highly accurate platform that meets the stringent demands of the industry. The company remains dedicated to pushing the boundaries of what's possible in vehicle vision technology.
Foresight Autonomous Holdings (FRSX) has entered a co-development agreement with KONEC, a Korean Tier One automotive supplier, under the sponsorship of Hyundai-backed Korea Automotive Parts Industry Promotion (KAP). The collaboration aims to integrate Foresight’s ScaleCam™ 3D perception technology into a conceptual autonomous driving vehicle. This project leverages KONEC's expertise in advanced automotive systems and KAP's mission to foster innovation in the automobile parts industry. The integration of ScaleCam™, a stereoscopic technology-based solution, is expected to significantly enhance the safety and capabilities of autonomous vehicles. According to Foresight’s CEO, this partnership marks a significant advancement in the development of next-generation autonomous driving solutions, contributing to safer transportation in Korea.
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) announced its Q1 2024 financial results on May 28, 2024.
The company reported initial revenues from collaborations with Elbit Systems and SoftBank, contributing to an 84% increase in quarterly revenues to $101,000.
Foresight’s net loss decreased to $1.5 million, a 67% improvement compared to Q1 2023. Operating loss also saw a 37% reduction, attributed to cost-cutting and strategic resource allocation.
Key milestones include successful proof-of-concept projects with a leading Japanese vehicle manufacturer and new commercial efforts in Japan. Cash reserves stood at $14.8 million at the quarter’s end, down slightly from $15.7 million at the end of 2023.
Foresight Autonomous Holdings (FRSX) announces the potential expansion of its market due to a new U.S. Department of Transportation regulation. The regulation mandates that all new passenger cars and light trucks must have automatic emergency braking (AEB) systems by September 2029. Foresight's stereoscopic thermal imaging technology enhances AEB performance in low-light conditions, increasing pedestrian safety. The NHTSA estimates this will save 360 lives and prevent 24,000 injuries annually. The regulation is expected to boost demand for thermal cameras, reducing costs and benefiting Foresight's technology.
Foresight Autonomous Holdings announced the development of Dragonfly Vision™, a 360-degree 3D perception solution powered by NVIDIA Jetson AGX Orin. This innovative solution offers precise obstacle detection and road surface coverage, with a performance of 275 trillion operations per second, revolutionizing safety and efficiency in various industries.
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