Foresight to provide its QuadSight vision system prototype to a Chinese Tier 1 supplier

Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems, announced the signing of a multi-phase technological cooperation agreement with a Chinese Tier 1 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 Tier 1 supplier to design, develop and commercialise automatic safety solutions to be implemented in the vehicles of the Chinese OEMs. The Tier 1 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 Tier 1 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 1 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 programmes. However, realisation of the aforementioned projects is not dependent on funding from the Innovation Authorities.

“I am pleased that our technology has reached a level of maturity allowing us to engage in such agreements,” said Haim Siboni, CEO of Foresight. “Working closely with a Tier 1 supplier will allow us to gain a foothold in the large and growing Chinese market and enable us to make our advanced vision technology available to the local Chinese automotive industry. This agreement will offer us the opportunity to be part of ongoing projects and work directly with OEMs.”