Foresight Autonomous partners with an Indian drone manufacturer to enhance autonomous technology, potentially generating $16 million by 2029.
Quiver AI Summary
Foresight Autonomous Holdings Ltd. has announced a five-year partnership with a leading Indian drone manufacturer, which supplies the Indian Ministry of Defense, to develop and integrate its 3D perception technology into autonomous drone systems. This collaboration is expected to generate up to $16 million in revenue by 2029, with an initial commercial potential of $2.5 million by 2026. The focus will be on enhancing drone performance in challenging environments, such as low visibility and high temperatures, utilizing Foresight's stereoscopic long-wave infrared technology to improve human detection. The initial phase will cater to the Indian defense market, with plans to expand marketing and distribution efforts globally. This agreement emphasizes Foresight's strategy to expand its 3D perception technology across various autonomous vehicle sectors.
Potential Positives
- Announcement of a five-year collaboration with a prominent Indian drone manufacturer, potentially generating up to $16 million in revenue by 2029.
- The integration of Foresight's 3D perception technology into autonomous drones addresses the demanding challenges of difficult environments, enhancing drone capabilities.
- This partnership positions Foresight to expand its technology into the defense sector and potentially to aglobal marketafter initial successes in India.
- Emphasizes the adaptability of Foresight's ScaleCam™ technology across various autonomous platforms, showcasing its versatility and innovation in the sector.
Potential Negatives
- The potential revenue is contingent upon the successful development and integration of the technology, which carries inherent uncertainties.
- The dependence on a collaboration with a specific Indian drone manufacturer may expose Foresight to risks if the partnership does not yield expected results.
- The press release includes cautionary forward-looking statements, highlighting risks and uncertainties that could affect revenue projections and market success.
FAQ
What is the collaboration about?
The collaboration focuses on integrating Foresight's 3D perception technology into autonomous drones for the Indian defense market.
What is the projected revenue from this agreement?
The collaboration is expected to generate potential revenue up to $16 million by 2029.
How will Foresight's technology enhance drone performance?
Foresight's 3D perception solution improves drone performance in challenging environments like dense smoke and poor lighting.
Which markets will Foresight's technology target?
The technology targets various markets, including drones, unmanned aerial vehicles, and autonomous ground vehicles.
What are the key benefits of the 3D perception technology?
Foresight's technology provides robust human detection and real-time spatial positioning in challenging conditions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
The cooperation
,
with
a renowned supplier of the Indian Ministry of Defense,
entails
develop
ment
and integrat
ion of
Foresight’s 3D perception solution int
o
autonomous drones
.
The five-year collaboration is projected to generate potential revenue up to $
16
million by 2029.
Ness Ziona, Israel, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in three-dimensional (“3D”) perception systems, announced the signing of a commercial cooperation agreement with a prominent Indian drone manufacturer, that is a supplier of the Indian Ministry of Defense, to integrate its 3D perception technology into the manufacturer's autonomous drone platforms, with a total commercial potential reaching up to $2.5 million by 2026. By the end of 2029, the collaboration is anticipated to deliver potential revenue up to $16 million.
The agreement aims to enable autonomous drone and unmanned aerial vehicle (“UAV”) technology by integrating Foresight’s cutting-edge 3D perception solutions into the drone manufacturer's autonomous systems. Initially, this collaboration will focus on improving drone performance in challenging environments, such as dense smoke, poor lighting and high temperatures. The drones will be able to detect people in these conditions while providing real-time information about the drones’ spatial positioning. The initial phase of the collaboration will focus on developing advanced solutions for the Indian defense market. At a later stage, the parties will consider manufacturing, marketing, and distribution efforts, initially targeting the Republic of India before expanding globally.
Foresight’s 3D perception solution, using stereoscopic long-wave infrared technology, is particularly well-suited for drone applications, with the ability to maintain robust performance required for the detection of humans in challenging environments, including dense smoke conditions caused by fires. This collaboration represents a significant advancement in Foresight's strategy to expand its 3D perception technology across diverse autonomous vehicle markets, including drones, unmanned aerial vehicles, and autonomous ground vehicles.
“We are excited to collaborate with one of India's foremost autonomous drone companies," said Mr. Oren Bar-On, Chief Executive Officer of Foresight Changzhou Automotive Ltd. "Our stereoscopic long-wave infrared technology offers unparalleled 3D perception capabilities, which, when combined with the drone manufacturer's expertise in drone manufacturing, will result in solutions that are not just technologically advanced, but also practical and impactful. This agreement demonstrates the adaptability of our ScaleCam™ technology across various autonomous platforms, from automotive to aerial applications,” Mr. Bar-On concluded.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance 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 Foresight and its wholly owned subsidiary, Foresight Automotive, visit
www.foresightaut
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.
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, follow
@ForesightA
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on “X” (formerly Twitter), or join
Foresight Autom
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on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses potential revenue under the agreement and the timing thereof, advantages and benefits of Foresight’s solution. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
