Israeli automotive vision systems developer Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) has announced the first sale of a prototype of its breakthrough QuadSightTM quad-camera vision system targeted for the semi-autonomous and autonomous vehicle market. The system enables near 100% obstacle detection under any weather and lighting conditions. Foresight's share price rose 35% on news of the deal.
The first system was ordered by a truck division of a large European vehicle manufacturer in order to evaluate the system and its performance on the manufacturer’s trucks. Revenue from the system sale is expected to total tens of thousands of dollars.
This and any future sale of QuadSight prototypes will provide Foresight with important customer feedback and a deeper understanding of the customers’ main requirements, while also allowing Foresight to modify the system to the customers’ needs within a short period of time. Foresight also believes that sales of QuadSight prototypes will strengthen its relations with potential customers. Customer satisfaction at the end of the evaluation process is expected to lead to a large order of QuadSight systems by the vehicle manufacturer for mass production.
Foresight intends to increase awareness of its unique solutions, address potential customers, and expand its presence with vehicle manufacturers and automotive tier one suppliers by selling additional prototypes. Foresight believes that a closer evaluation of the technology by potential customers may lead to future collaborations in research and development, integration, production and more.
Foresight's CEO and controlling shareholder Haim Siboni has a 32.6% stake in the company, which has a market cap of NIS 305 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2018
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