Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares boasted gains early Friday. The Israeli-based company, claiming to be “an innovator in automotive vision systems,” announced today the signing of an agreement for a follow-up paid software proof of concept (POC) project with a leading Japanese vehicle manufacturer. The software project follows the successful completion of two POC projects, as reported by the company on February 5, 2024.
The vehicle manufacturer seeks to improve existing safety features in its vehicles already equipped with level 2 and level 3 autonomous driving features. Using its own designated cameras and hardware, the vehicle manufacturer intends to conduct a comprehensive evaluation of the software capabilities of ScaleCam™ to detect objects accurately and will assess the feasibility of rapid software integration. ScaleCam is Foresight's 3D perception modular stereoscopic vision solution made up of two separate cameras.
Successful completion of the project may pave the way for a deeper collaboration with the vehicle manufacturer, potentially leading to the integration of Foresight’s technology into the vehicle manufacturer’s current and future mass-produced passenger vehicles.
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.
FRSX shares grabbed two cents, or 2%, to $1.00.
