RVSN - Rail Vision Received $1 Million Order out of a Contract Valued at Up to $5 Million with Leading US-Based Rail and Leasing Services Company | Benzinga
Ra'anana, Israel, April 11, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (NASDAQ:RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, announced today that it has received an initial purchase order amounting to approximately $1 million as part of a contract valued at up to $5 million with a leading US-based rail and leasing services company that the Company announced on January 17, 2024. The order is for the purchase of Rail Vision's AI-based ShuntingYard products, which are expected to be installed during the third quarter of this year.
"We're delighted with the successful execution of our contract with this esteemed customer, marking the receipt of our initial order from it. Since the start of 2024, we've been expanding our presence in the US, achieving significant milestones in collaboration with leading companies in the rail industry. We intend to persist in our marketing endeavors, recognizing the growing demand for our innovative AI-driven safety solutions," said Rail Vision CEO, Shahar Hania.
The first phase of the contract is valued at $1,000,000. Follow-on orders for additional ShuntingYard products, valued at up to $4,000,000, are subject to customer approval. The contract also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards switching segment.
Rail Vision's unique ShuntingYard product enables railway operators to streamline and enhance the safety of their industrial switching operations. Combining advanced vision sensors with artificial intelligence and deep learning technologies, the system automatically detects and classifies objects within ...