Eye-Net and SaverOne will promote the partnership worldwide through an integrated accident prevention solution
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd., has signed a commercial cooperation agreement with SaverOne 2014 Ltd. (TASE: SAVR), a leader in providing an effective solution for cell phone distracted driving.
Subject to certain tests and criteria to be determined by the parties, Eye-Net will integrate its Eye-Net™ Protect solution in SaverOne's product designed to prevent the use of texting applications by the driver while the vehicle is in motion.
Cell phone distracted driving is a leading cause of road accidents. According to research by the National Safety Council, 1.6 million car accidents in the United States are caused every year by texting while driving and 25% of all car crashes in the United States involve the use of a cell phone.
According to the agreement, the Eye-Net Protect solution will be integrated in the SaverOne solution in order to offer an additional protection layer and enhance its ability to prevent accidents by alerting drivers about potential collisions. Eye-Net's integration in the SaverOne solution presents shared revenue stream potential that could be derived from offering optional features for an annual license fee.
The agreement also contemplates that SaverOne will introduce Eye-Net to certain companies with which it has business relationships, in consideration for 10% of the revenues received by Eye-Net under a commercial transaction with a third party introduced by SaverOne. In turn, Eye-Net will introduce SaverOne to Japanese vehicle manufacturers and business entities with which Eye-Net has business relationships.
"We are pleased to announce our joint venture with Eye-Net, SaverOne's first partnership with a technology company, whose activities are also based on saving lives and reducing road accidents. The joint venture with Eye-Net will allow SaverOne to offer its customers a comprehensive safety suite that includes additional safety-related and accident prevention services," said Ori Gilboa, CEO of SaverOne.
"Eye-Net is expanding its presence in the automotive world with this new commercial partnership with SaverOne, offering the integrated solution to various vehicle fleets. The synergy between the two companies and their products enhances driver protection, on top of existing Advanced Driver Assistance Systems (ADAS), potentially reducing the rate of road accidents and saving lives," said Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile. "Furthermore, I believe this Israeli collaboration will establish a new standard in tackling the number one distraction for drivers by reducing the use of mobile phones while driving."
Eye-Net™ Protect is an intuitive and easy-to-use mobile application that provides real-time pre-collision alerts to drivers and vulnerable road users. The Eye-Net™ solution suite enhances 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 Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company's LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.