Benzinga | Jun 9, 2021 08:32AM EDT

Foresight Announces Sale Of A Prototype Of Its QuadSight Vision system To A Manufacturer Of Agricultural And Construction Equipment; Size Not Disclosed

The Company continues its commercial activities in diverse markets with positive feedback from customers

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today the sale of a prototype of its QuadSight(r) four-camera vision system to a leading global manufacturer of agricultural and construction equipment. The manufacturer will evaluate Foresight's stereo capabilities for use in agricultural machinery.

This is a first prototype sale to the agricultural equipment market, which is already deploying stereo technology for autonomous driving and automatic operations to increase productivity and efficiencies for higher yields. Foresight's advanced thermal stereoscopic capabilities are designed to bring added value to precision agriculture and automated navigation, covering planting, harvesting and loading crops for shipment, especially in adverse weather and low-visibility conditions where other sensors are challenged.

"We believe expanding our activities in this new market segment and integrating the QuadSight technology into autonomous agricultural equipment will improve our current product capabilities and open new opportunities," said Haim Siboni, Foresight CEO. "We continue to make commercial progress, while working closely with our partners from the automotive, industrial and defense markets. So far, we have received positive feedback from customers, some stating the superior performance of the QuadSight system compared to leading sensors in the market and I believe that our technology can present a valuable alternative to existing solutions."

According to a 2021 market report and forecast by Fact.MR, the agriculture industry has always been a major contributor to the economy and an early adopter of leading technologies. Agricultural equipment manufacturers are investing heavily in new technologies in order to increase automation of various operations and autonomous driving. According to the same report, the current global autonomous farm equipment market is currently estimated at $742.5 million and is projected to reach $1.89 billion by 2031.