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Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX)
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX), founded in 2015 and headquartered in Israel, is a technological innovator in automotive vision systems and driver assistance technology. Through its wholly owned subsidiary, Foresight Automotive Ltd., Foresight is engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company's powerful and patented stereoscopic technology is derived from field-proven technology that has been deployed throughout the world for almost two decades.
Foresight's innovative autonomous driving solutions are based on mature, proprietary stereoscopic image technology that uses two synchronized cameras to mimic human depth perception and produce a three-dimensional image. This 3D image can anticipate possible collisions with other vehicles, cyclists, pedestrians and other obstacles. The technology provides highly accurate real-time alerts about the vehicle's surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts.
The company's patents provide IP protection for its robust and proven proprietary stereoscopic technology, which was developed using the security technology of Foresight's major shareholder, Magna B.S.P.
On January 25, 2021, Foresight further strengthened this IP portfolio when it announced its reception of a notice of allowance from the Chinese Patent Office for its patent application number 201780015494 for the company's "running vehicle alerting system and method." The patented technology involves a running vehicle alerting system which detects traffic lights or traffic signs. The system generates a collision avoiding alert signal when the distance to these lights or signs is shorter than a threshold safe braking distance in order to avoid endangering other vehicles and pedestrians.
Foresight has developed three main products:
- QuadSight™. This breakthrough detection system sets the bar for autonomous vehicle vision. It features nearly 100 percent obstacle detection with almost zero false alerts and operates optimally under all weather and lighting conditions, including darkness, rain, fog, haze and glare. QuadSight™ is the first quad-camera multi-spectral vision solution of its kind, driven by advanced and proven image processing algorithms. The system consists of two sets of stereoscopic infrared and visible-light cameras that enable highly accurate and reliable obstacle detection for seamless 24/7 vision.
- Eyes-On™. This solution uses advanced algorithms for accurate depth analysis and obstacle detection to provide a unique stereo vision Advanced Driver Assistance System (ADAS). It can detect all potential obstacles regardless of shape, form or material, including other vehicles, cyclists, pedestrians and animals. It has an accuracy and reliability of almost 100 percent and near zero false alerts.
- Eye-Net™. This is a cellular-based accident prevention solution that is designed to provide real-time pre-collision alerts to vehicles and pedestrians. This proprietary system is deployed on smartphones and cloud-based servers operating on existing cellular networks, and it eliminates the need for additional designated hardware. Eye-Net™ is designed to provide a complementary layer of protection to advanced driver assistance systems and extends this protection to road users who are not in direct line of sight. It is optimally designed for both urban environments and high-speed scenarios to provide protection for the most vulnerable road users. On March 28, 2018, Foresight announced that it had completed a successful feasibility study of its Eye-Net™ accident prevention solution involving 120 users of Android and iOS cell phones located across Israel.
In early 2021, Foresight secured additional opportunities within the international market. The company, through wholly owned subsidiary Eye-Net Mobile Ltd., announced plans to begin a pilot project with the intelligent transport system division of a multi-billion-dollar global Japanese vehicle manufacturer to test its Eye-Net™ Protect cellular-based V2X (vehicle-to-everything) accident prevention solution. This program marks Eye-Net Mobile's third pilot project in Japan, following the company's announcements in August 2020 about two pilot projects with leading global Japanese technology and electronics firms.
In February 2021, the company built on this momentum when it announced Eye-Net Mobile's entry into an agreement with WunderCar Mobility Solutions, a German-based software, vehicles and service provider that enables companies and cities worldwide to launch and scale new mobility services. As part of the agreement, Eye-Net Protect will be available at Wunder Marketplace to micro-mobility and EV operators in more than 900 cities worldwide.
Studies by the Insurance Institute for Highway Safety continue to emphasize the dramatic reduction in accidents and injury-related crashes reported when vehicles are equipped with collision avoidance systems. A recent study by the Institute states that the rate of single-vehicle, sideswipe and head-on crashes was 11 percent lower in vehicles with the warning systems. More importantly, the study shows collision avoidance technology cut the rates of injury crashes of the same type by 21 percent.
Foresight Autonomous Holdings also holds a 32 percent interest in RailVision, a company that develops advanced systems for railway safety and maintenance. RailVision has successfully completed 13 tests in Israel, Germany, Italy and Switzerland, in addition to a real-time system test with a European railway operator. Over the course of 2017, RailVision successfully completed rounds of financing totaling $5.8 million and started the process of licensing the system according to European standards.
Haim Siboni is the founder of Foresight and has served as the company's chief executive officer and director since 2015. Siboni, a passionate entrepreneur, has an extensive background in the marketing and business management sectors in the fields of electronics, video, TV, multimedia, computerized systems, line and wireless telecommunication, design and development of systems and devices, including electro-optic radar systems. He is the founder and CEO of Magna B.S.P., Foresight's major shareholder and a leading innovator in the field of homeland security surveillance solutions.
Investment Considerations
- Foresight is a developer of advanced accident prevention systems based on stereoscopic vision and V2X-technologies for the automotive industry.
- The company's real-time demo systems for Eyes-On™ and Eye-Net™ are operational and available for demonstration and data collection purposes.
- The QuadSight™ system is based on visible-light and infrared cameras that detect objects under all weather and lighting conditions with near 100% detection and near zero false alerts.
- In January 2021, the company announced plans to begin a pilot project with a multi-billion-dollar Japanese vehicle manufacturer to test its Eye-Net™ Protect accident prevention solution.
- In February 201, Foresight entered an agreement with WunderCar Mobility Solutions to make its Eye-Net Protect solution available in more than 900 cities worldwide.
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX)
