Benzinga | Oct 13, 2020 08:42AM EDT

Foresight Affiliate Knorr-Bremse Makes Additional $10M Investment In Rail Vision

Knorr-Bremse, a $17 billion European-based group, will own 36.79% of Rail Vision's outstanding share capital following original investment in 2019

Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an innovator in automotive vision systems, announced today that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme f?r Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG (Frankfurt: KBX), executed an agreement whereby Knorr-Bremse will make a new investment of $10 million in Rail Vision. Knorr-Bremse, a $17 billion European-based group, originally invested $10 million in Rail Vision, as reported by the Company on March 14, 2019. Following the additional investment, Knorr-Bremse will own a total of 36.79% of Rail Vision's outstanding share capital. Additionally, Rail Vision has received a call option, available under certain conditions which should be met, to call for an additional $5 million under the same investment terms.

The current investment reflects Rail Vision's post money valuation of approximately $50 million. Foresight's initial investment in Rail Vision, in August 2016, reflected a $4.4 million post money valuation, marking a 1,130% increase. As a result of the investment, Foresight's holdings in Rail Vision will amount to 19.34% (16.49% on a fully diluted basis).

Rail Vision is a leading provider of cutting-edge cognitive vision sensor technology to increase safety in the railway industry. Rail Vision's solutions offer detection and classification of objects or obstacles (e.g. humans, vehicles, and signals), rail path recognition (i.e. switch state detection), distance measurement and opportunity infrastructure condition monitoring.

"Knorr-Bremse's continued investment marks a vote of confidence in Rail Vision's unique technology and its solutions for the rail industry. We believe that further securing Rail Vision's finances will strengthen the company's performance and support its commercialization and market penetration efforts," said Haim Siboni, CEO of Foresight.