Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced its entry into a joint development and supply agreement with SUNWAY-AI Technology (Changzhou) Co. Ltd., a global Chinese manufacturer of components for autonomous and unmanned intelligent vehicles. According to the update, the deal may yield up to $51 million in revenue based on demand from SUNWAY over the four-year contractual period. “Foresight’s selection by SUNWAY is a solid endorsement, reflecting recognition of our state-of-the-art vision systems by a Chinese automotive leader. We believe that the installation of our innovative QuadSight technology in various airport vehicles using advanced ADAS systems will bring a new level of safety and reliability to airport ground operations across China,” said Foresight CEO Haim Siboni. “We believe our technology, combined with SUNWAY’s, has a great potential for further deployment in additional applications and markets in China, such as agriculture and infrastructure.”
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About Foresight Autonomous Holdings Ltd.
Foresight is a technology company developing smart multispectral 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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