Israeli Foresight to cooperate with leading French auto parts supplier
6 October, 2016
The agreement is a major milestone in the commercialization of Foresight's ADAS system. Among the French company’s customers are some of the leading names in the automotive industry such as Renault, Peugeot, Volvo and Chrysler
The agreement is a major milestone towards the commercialization of Foresight’s ADAS system. Among the French company’s customers are some of the leading names in the automotive industry such as Renault, Peugeot, Volvo and Chrysler
After recently signing a cooperation agreement with a leading Chinese automotive producer, Foresight, an Israeli developer of ADAS systems moves on to take over Europe. The Herzliya, Israel based company has announced it has signed a memorandum of understanding with a leading French auto parts supplier. Foresight’s share has risen by more than 8% in the last month, and is currently traded at a market cap of 163.1$ at the TLV stock exchange.
The agreement between the two companies aims help the French supplier to to meet the requirements of its partner’s OEM clients and to promote Foresight’s products in France and worldwide. The name of the French company has not been disclosed, but Foresight assures its new partner is one of the leading auto parts suppliers in France, supplying solutions for many of the major names in the auto industry such as Renault, Peugeot, Jaguar, Chrysler, Fiat, Citroen and Rover.
This agreement should further Foresights’s pre-existing plans to modify its software to make it compatible with the chip standards of leading Tier One players. It goes further, allowing Foresight to gain a precise understanding of the specifications and requirements of the targeted car companies and in promoting its product with client OEMs. As such, we see the memorandum of understanding as having a positive impact on demand and possibly accelerating the time to first sale following the planned release of the proof of concept of Foresight’s stereo camera software in Q3 2017.
The agreement between the two companies does is not exclusive, and does not hinder the Israeli company from forming further cooperation’s with other companies. Nevertheless, Foresight does sees the agreement as a major milestone” towards the commercialization of its ADAS system.
On the fast track to commercialization
Foresight’s system is currently in advanced development phases, moving quickly towards commercialization. Foresight has announced it has successfully concluded an advanced phase in the developing of its ADAS system. Foresight has conducted a long series of tests, which according to the company have been very successful. According to Foresight, the success proves that the company has crossed the critical point in the development of the the system and is now ready to complete the developments, offering first customers a Beta version of its ADAS system.
Foresight’s system is, uniquely, comprised of two video cameras mounted on the vehicles front, supplying stereoscopic vision capabilities – not unlike human vision – of the road and the surroundings. A specialized software installed in the car, processes the collected data using the company’s algorithms, supplying the driver with real time alerts. The company’s technology can map objects as small as 50cm.
The origins of foresight’s technology lie not in the automotive industry, but in Israel’s thriving defense industry. The company was founded last year, and is a subsidiary of Magna BSP, an Israeli defense technology company. Magna has developed an Electro-Optic radar system for perimeter security of borders and sensitive installations and infrastructure. Foresight’s ADAS system is based on the same unique technology used in Magna’s novel radar system – stereoscopy. Both perimeter security radar and ADAS system function similarly – two cameras cover the same field, thus supplying outstanding panoramic 3D imagery.