Benzinga | May 28, 2021 08:03AM EDT

Foresight Autonomous Reports Signed Joint Proof Of Concept Project With American Subsidiary Of A Leader European Passenger Car Manufacturer, Valued At $120K

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today the signing of a joint proof of concept (POC) project with an American subsidiary of a leading European passenger car manufacturer. The project is meant to test Foresight's stereoscopic technology abilities to enhance the vehicle manufacturer's existing active safety features without requiring additional sensors and infrastructure. Following successful completion of the project and satisfactory outcome, the vehicle manufacturer may consider integrating Foresight's solutions into its vehicle safety applications.

The project, which is based on a predefined technological statement of work, consists of two phases: a feasibility testing phase followed by a simulation and real-life testing phase. Total expected consideration for the POC is up to $120,000.

"We are delighted to have been chosen by one of the leading European passenger car manufacturers to conduct a proof of concept project to test our ability to enhance existing mono camera-based safety systems using our advanced stereoscopic technology," said Haim Siboni, CEO of Foresight. "This project may allow us to offer a solution that can be readily deployed in vehicles equipped with level 2 and level 3 autonomy systems. Moreover, it may allow vehicle manufacturers to take existing safety systems to the next autonomy level without complications caused by new hardware integrations and design changes that often result in slower production timelines and additional costs. We believe that this project will result in potential expanded opportunities with additional leading automotive OEM's worldwide."

The proof of concept project is made possible with Foresight's patented automatic calibration solution that is designed to create a stereo system using two mono cameras with overlapping fields-of-view in order to enhance a vehicle's Advanced Driver Assistance System's performance in terms of detection quality, distance accuracy and robustness.