Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) is an innovator in automotive vision systems, today announced its achievement of a significant commercialization milestone in securing an exclusive agreement with Elbit Systems Ltd, a leading global defense company, following the impressive results of its image-processing software solution. The collaboration is expected to generate revenues of up to $4 million over a five-year period, with a minimum of $1 million in guaranteed revenues. Under the agreement, Elbit will exclusively market and commercialize Foresight’s software globally. The solution will be offered as advanced driver assistance systems (“ADAS”) and autonomous platforms for unmanned combat and security ground vehicles, as well as a solution for defense, paramilitary and homeland security markets.
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About Foresight Autonomous Holdings Ltd.
Foresight 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.
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