Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has inked an agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd. Foresight’s memorandum of understanding (“MOU”) with the global Chinese manufacturer of autonomous and unmanned intelligent vehicle products outlines a joint development program for an obstacle detection system for unmanned vehicles based on Foresight’s stereoscopic technology. The agreement, which comes after a successful completion of a proof of concept (“POC”) project between the two companies, will use both visible-light and thermal cameras. According to the announcement, SUNWAY designs and develops autonomous farms in China and anticipates using Foresight’s stereo vision technology with its agricultural vehicles and heavy machinery. In addition, based on the agreement, SUNWAY plans to apply for the endorsement and financial support of Jiangsu Province to underwrite and advance the program. Furthermore, Foresight and SUNWAY anticipate negotiating a commercial agreement to develop the obstacle detection system for end customers as well as form a joint venture in China. SUNWAY focuses on research and development, design, manufacturing, and sales of intelligent vehicle technology and products, and its technologies and products are utilized with autonomous vehicles, unmanned logistics and transportation vehicles, and unmanned commercial vehicles.
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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, precollision 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, visit the company’s website at www.ForesightAuto.com.
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