Info
Info

RH Electronics invests $1 million in Foresight

News

Foresight Autonomous Holdings Ltd., an automotive vision systems maker, announced that it entered into a Memorandum of Understanding (MoU) for manufacturing and engineering consulting services, and an investment agreement with RH Electronics Ltd.

Info

According to the agreement, RH, a primary contractor in the manufacturing and assembly of electronic systems, will invest in Foresight, while Foresight will retain RH's services for a multi-phase project to develop FPGA and ASIC solutions for Foresight's QuadSight vision system.

Under the investment agreement, RH will purchase approximately 1% of Foresight's issued and outstanding share capital for a total consideration of $1,000,000 at a price per ADS of approximately $4.08 (reflecting the price of NIS 3.00 per ordinary share), representing a 133% premium over the share market price on Nasdaq and TASE as of January 28, 2019. The closing of the investment agreement is subject to customary closing conditions and is expected at the beginning of February 2019.

“This is an important transaction for Foresight which will help us to achieve our technological goals and expand our development. We aim to integrate our technology into semi-autonomous and autonomous vehicles, and I believe these agreements are a significant step toward reaching this goal,” said Haim Siboni, CEO of Foresight. “In addition, RH's investment in Foresight at a high premium over the market price represents a significant display of confidence in the company and its technology, making RH an ideal partner for Foresight's vision.”

“This collaboration with Foresight is of strategic importance to us,” said Yacov Rozenberg, Chairman of the Board of RH. “We expect that our alliance with Foresight will contribute to the growth of RH, and this investment in the company will be our initial foothold in the automotive industry.”

Under the development services agreement, Foresight has retained RH's services, mainly through its approved contractor, E.G.M. Ton-Son Ltd., to design, develop and produce prototypes of a chip-based FPGA solution embedding Foresight's proprietary image processing software for the QuadSight four-camera vision system.

The FPGA-board platform offers substantial performance and cost benefits for long-term mass production in comparison with other off-the-shelf alternatives such as CPU boards. Pursuant to the agreement, RH will provide a proof of concept for an FPGA-board platform by the end of 2019.

Foresight has also retained RH's manufacturing services under a separate MoU. The MoU covers the relationship between the parties for non-mass production of QuadSight system units if requested by Foresight.


The Latest News, Brought To You By
RH Electronics invests $1 million in Foresight
Modified on Monday 4th February 2019
Find all articles related to:
RH Electronics invests $1 million in Foresight
TaaS Technology Magazine
Info
Idriverplus Using Velodyne LiDAR Technology To Build Its Autonomous Vehicles
FCA’s Mirafiori Plant Begins Preparing For The Assembly Of Fiat 500 Electric
Future Ford EVs To Be Based On Volkswagens’s MEB Platform
SVOLT Announces Plans To Build Battery Factory In Europe
KION And BMZ Partner To Produce Battery Systems For Industrial Trucks
Canada Invests In Cross-Country EV Fast-Charging Network
OTSL Forges Partnerships With Three Companies Providing Advanced Autonomous Driving Technologies
Volkswagen Joins Ford In Investing In Argo AI
German Federal Minister For Economic And Energy Affairs Visits Mercedes-Benz Tuscaloosa Plant
HYVE Opens New Battery Facility In Sunderland
Keysight Technologies Announces Automotive Cybersecurity Programme
Luminar Raises Over $250 Million To Accelerate Deployment Of Its Automotive Offerings
Harley-Davidson Enters The Electric Era With The LiveWire Motorcycle
Tropos And MOSOLF To Sell All-electric Compact Utility Vehicles In Europe
DENSO Partners With The Institute For Data Valorization
Evie Networks Partners With EV Connect For EV Ultra-Fast Charging Network In Australia
Pininfarina Battista Undergoes Final Wind Tunnel And Dynamic Tests
Solaris Receives Additional Orders For Trolleybuses From Italian Cities
Engenie To Double The Number Of Rapid EV Charging Points In The UK
Alstom Aptis To Supply Electric Buses For The Metropolitan Area Of Toulon
Groupe PSA And VINCI Autoroutes Test New Autonomous Vehicle Features In France
NEVS And AutoX Collaborate To Deploy RoboTaxis In Europe
AIWAYS Begins Testing The U5 SUV Prior To European Launch
Unex And STMicroelectronics Collaborate To Accelerate Time To Market For V2X Applications
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info