Foresight Affiliate Rail Vision in Advanced Negotiations with Leading European Train Operator for First Commercial Agreement Valued at Up to €6.5M

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) announced today that it was informed by its affiliate, Rail Vision Ltd., about Rail Vision's advanced negotiations towards its first commercial agreement with a leading European train operator.

Benzinga · 01/30/2020 09:35

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) announced today that it was informed by its affiliate, Rail Vision Ltd., about Rail Vision's advanced negotiations towards its first commercial agreement with a leading European train operator.

The agreement contemplates the purchase of a prototype system of Rail Vision's shunting yard solution for a total value of approximately 500,000 Euro. A successful prototype evaluation will entail the additional purchase of approximately 30 shunting yard systems for an additional 2.5 million Euro. The European train operator may also choose to exercise its option to purchase an additional 45 shunting yard systems for a total value of 3.5 million Euro.

Rail Vision's unique shunting yard solution enables railway operators to safeguard and streamline their shunting operations. Combining advanced vision sensors with deep learning technologies, the solution automatically detects and classifies objects within a 200-meter range at all times of day and in all weather conditions. Additionally, the solution delivers visual warnings to operators or drivers based on customer needs to ensure a safe and secure environment, while also improving operational efficiency.

Rail Vision is a leading provider of cutting-edge cognitive vision sensor technology and safety systems for the railway industry. Rail Vision's solutions offer detection and classification of objects or obstacles (e.g., humans, vehicles, and signals), rail path recognition (i.e., switch state detection), distance measurement and opportunity infrastructure condition monitoring.