Foresight Autonomous Holdings Ltd., a developer of automotive vision systems, has signed a multi-phase technological cooperation agreement with a Chinese Tier One supplier to develop smart mobility solutions for the Chinese automotive industry, and specifically for two Chinese vehicle manufacturers (OEMs).
According to the agreement, Foresight will collaborate with the supplier to design, develop and commercialize automatic safety solutions to be implemented in the vehicles of the Chinese OEMs. The Tier One supplier is currently involved in several projects with the Chinese OEMs for integration of autonomous functions. The cooperation agreement may enable Foresight to integrate its QuadSight vision system into these existing projects.
The QuadSight system was launched in January 2018 at the Consumers Electronics Show in Las Vegas. Through sensor fusion, QuadSight leverages reflected light from visible-light cameras with thermal energy captured by long-wave infrared cameras for robust accurate object detection of any shape, form or material, in all weather and lighting conditions—including complete darkness, rain, haze, fog and glare.
The Tier One supplier will purchase a prototype of the QuadSight system for evaluation of the system’s capabilities and suitability for the projects. Revenue from the prototype system sale is expected to total tens of thousands of dollars.
Based on the results of the evaluation of the system and technology, as well as the specific requirements of the Chinese OEMs, the Tier One supplier will formulate a detailed scope of work for development of a specific project integrating the QuadSight vision system. Following the completion of the scope of work, the parties may negotiate a commercial agreement for their cooperation in connection with the specific project.
In addition, as a result of their close cooperation, both companies have decided to approach the Innovation Authorities, each in its respective country, for project funding according to the Israel-China bilateral governmental funding programs. However, realization of the aforementioned projects is not dependent on funding from the Innovation Authorities.