Foresight Raised $12.4 Million Through Private Placements
25 June, 2018
Earlier this month Foresight sold its first QuadSight quad-camera vision system to a truck division of a large European vehicle manufacturer
Foresight Autonomous Holdings from Ness Ziona, Israel, has entered into private placement agreements with Israeli investors, including Meitav Dash Group and Psagot Investment House, leading Israeli institutional investors. Following the closing of the private placements, Meitav Dash Group will hold approximately 5.45% of Foresight’s issued share capital and Psagot will hold 1.85% of its share capital. The total raising is $6.9 million.
Meitav will invest approximately $4.1 million, Psagot will invest about $1.4 million (NIS 5 million) and additional investors will invest an aggregate of $1.4 million. This raising is completed only a week after the company have raised $5.5 million from the Israeli Harel Insurance. Following the investments, Harel will hold approximately 8.15% of Foresight’s issued share capital.
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), founded in 2015, is a developer of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, image processing, and sensor fusion. Earlier this month it made the first sale of its QuadSight quad-camera vision system targeted for the semi-autonomous and autonomous vehicle market.
The first system was ordered by a truck division of a large European vehicle manufacturer in order to evaluate the system and its performance on the manufacturer’s trucks. Revenue from the system sale is expected to total tens of thousands of dollars. QuadSight is a quad-camera vision system for obstacle detection for semi-autonomous and autonomous vehicles. It uses four-camera technology that combines two pairs of stereoscopic infrared and daylight cameras in order to achieve near-100% obstacle detection under any weather or lighting conditions – including complete darkness, rain, haze, fog and glare.