Foresight Signs Collaboration Agreement with KONEC Sponsored by Hyundai’s Foundation for Co-Development Project of Autonomous Vehicle
29 Mayo 2024 - 7:39AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, announced today the signing of a co-development
collaboration agreement with leading Korean Tier One automotive
supplier KONEC Co. Ltd. (“KONEC”), sponsored by the Foundation of
Korea Automotive Parts Industry Promotion (“KAP”), founded by
Hyundai Motor Group, to integrate Foresight’s ScaleCam™ 3D
perception technology into a conceptual autonomous driving vehicle.
This collaboration leverages KONEC’S expertise
in developing advanced automotive systems with KAP's mission to
foster innovation within the automobile parts industry. The project
will incorporate Foresight’s 360° 3D perception technology,
enabling the conceptual autonomous driving vehicle to accurately
perceive its surroundings. The successful integration of ScaleCam
has the potential to significantly enhance the capabilities and
safety of autonomous vehicles.
“We believe that the collaboration with KONEC
represents a significant step forward in the development of
next-generation autonomous driving solutions. By combining our
resources, image processing expertise, and innovative technologies,
we aim to accelerate the development and deployment of autonomous
vehicles, ultimately contributing to safer transportation solutions
in the Republic of Korea,” said Haim Siboni, CEO at Foresight.
Foresight’s ScaleCam, a cutting-edge 3D
perception solution based on stereoscopic technology, is driven by
advanced and proven image processing algorithms. ScaleCam provides
seamless vision by using two visible-light cameras allowing highly
accurate and reliable obstacle detection capabilities.
About the
Foundation of Korea Automotive Parts Industry
Promotion
The Foundation of Korea Automotive Parts
Industry Promotion is Korea's first autonomous, non-profit, public
interest corporation, established by Hyundai Motor Group. The
foundation’s mission is to support the growth and development of
the Korean automobile parts industry through various initiatives,
including research and development, education, and international
cooperation.
About KONEC
KONEC is a technology company that manufactures
automobile parts for eco-friendly vehicles using a high-pressure
die-casting process. KONEC has established a batch production
system for lightweight metal raw materials, molds, castings,
processing, and assembly through cooperation among its group
affiliates. Major customers include Tesla, Hyundai Motor, and Kia.
In addition to the existing business scope of lightweight metal
body, chassis, and body parts, KONEC is venturing into new
industries in line with the electrification of mobility and
software advancements. KONEC has entered the field of information
processing technology using cameras, such as developing a license
plate recognition system through collaboration with companies that
have commercialized semiconductor SoCs and modules for IoT wireless
communication.
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 three-dimensional (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.foresightauto.com, follow @ForesightAuto1 on Twitter, or join
Foresight Automotive 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
that the co-development collaboration will involve incorporating
Foresight’s ScaleCam into a conceptual autonomous driving vehicle,
that this integration has the potential to significantly enhance
the capabilities and safety of autonomous vehicles, that the
collaboration with KONEC represents a significant step forward in
the development of next-generation autonomous driving solutions,
and that the Company aims to accelerate the development and
deployment of autonomous vehicles, ultimately contributing to safer
transportation solutions in the Republic of Korea. Because such
statements deal with future events and are based on Foresight’s
current expectations, they are subject to various risks and
uncertainties, and actual results, performance or achievements of
Foresight could differ materially from those described in or
implied by the statements in this press release.
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 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-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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