FRSX - Foresight Autonomous gains after inking agreement with vehicle manufacturer
2023-08-14 08:36:47 ET
Foresight Autonomous Holdings Ltd. ( NASDAQ: FRSX ) shot higher in early trading on Monday after the Israel-based tech company announced the signing of an agreement for two proof of concept projects with a leading global vehicle manufacturer.
The vehicle manufacturer was noted to currently use stereo cameras in its advanced driver assistance systems, enabling 3D depth perception and distance analysis. The vehicle manufacturer has chosen to evaluate Foresight's ( FRSX ) stereo vision solutions to improve safety measures even further.
The purpose of the proof-of-concept projects was said to be to assess the accuracy of Foresight's ( FRSX ) unique automatic calibration capabilities in enhancing 3D depth perception. In addition, the vehicle manufacturer will assess Foresight’s Mono2Stereo perception enhancement solution to be used with its existing mono cameras which have different fields of view.
Upon successful completion of the projects, the vehicle manufacturer may integrate Foresight's ( FRSX ) technology into its passenger vehicles. Notably, the company said that integration could lead to improved precision in distance measurement, as well as object detection and classification, ultimately enhancing the overall safety system of the automaker’s vehicles.
"This vote of confidence from an important player in the automotive industry reinforces our commitment to develop advanced software-based vision solutions that will be widely implemented and could save lives by redefining road safety, noted Foresight CEO Haim Siboni.
Shares of Foresight Autonomous ( FRSX ) gained 2.85% in the premarket session on Monday. The stock is up more than 20% over the last six weeks to push the market cap back over $30M.
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Foresight Autonomous gains after inking agreement with vehicle manufacturer