ForeVision, RailVision and Israel Railways join forces to develop a railway safety system

7 August, 2016

The three companies gear up their efforts following initial development and testing efforts. Foresight will invest $1.6 million in RailVision, with an option of future control of the company. Israel Railways will assist in development and marketing

The three companies gear up their efforts following initial development and testing efforts. Foresight will invest $1.6 million in RailVision, with an option of future control of the company. Israel Railways will assist in development and marketing

A thermal image of cars crossing the track 1448 meters ahead of the train
A thermal image of cars crossing the track 1448 meters ahead of the train

 

After several months of negotiations, Israeli ForeSight has signed an investment contract in RailVision, an Israeli developer of thermal automated early warning systems for rail accident prevention. In fact, RailVision has completed a funding round of $2 million, $1.6 of which will be invested by ForeSight. The rest of the capital raised is from undisclosed sources.

The investment in the rail safety systems developer will be carried out in two $1 million phases. With the completion of the first phase, ForeSight will obtail 13.5% of the control over RailVision. After the completion of the second phase, ForeSight will hold 36% of RailVision’s stocks. In addition to the fixed phases of the investment, ForeSight retains the option to acquire additional 18% of RailVision’s stock giving it an option to take over control of the company.

RailVision was founded in 2014. The Israeli startup is developing a safety device that is mounted on the train locomotive. A specially adapted sensor with a unique algorithm is located on the top of the locomotive provides an alarm for any suspicious interfering object with a preliminary classification of the any object nature. This information is presented to the driver as a visual image (on board monitor) for additional exploring of the obstacle ahead of the train. The operational range of the system is up to two miles.

A cooperation with Israels state owned Railway Company

RAILSAFE
Deep cooperation with Israel Railways

The third party in the recently signed cooperation agreement is Israel Railways, Israel’s state owned Railway Company, which is an active participant in the development of RialVision’s system. In 2015, RailVision has signed a cooperation agreement with Israel Railways, in which the latter has agreed to help in the development of the system, to conduct tests and to integrate the system in the company’s locomotives and trains. The new agreement deepens the already substantial cooperation.

As part of the new and improved agreement, RailVision and Israel Railways will continue to develop the system. When the system matures, Israel Railways will assist in the distribution of the system worldwide, utilizing its position as national railway subsidiary and its reputation. In exchange for these services, RailVision agreed to pay certain fees and commissions, when the company will raise capital and sell its products. Israel Railways has retained an option to acquire 2.25% of RailVision’s stocks.

 

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Posted in: Deals and Investments , Electronics Industry , News , Technology

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