Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) stock declined by 0.24% at the last close whereas the FRSX stock price shows a gain of about 10.68% in the current market trading. FRSX is a technology business that creates cellular-based apps and advanced multi-spectral vision software solutions.
What is happening?
FRSX has signed a collaborative proof of concept (POC) initiative with an American affiliate of a major European passenger car manufacturer. The goal of the research is to see if Foresight’s stereoscopic technology can improve the vehicle maker’s active security measures without the need for new sensors or infrastructure. The auto company may consider incorporating Foresight’s solutions into its vehicle safety applications when the project is completed successfully and with a suitable conclusion.
The project is divided into two parts, each of which is built on a set technical work order: a feasibility testing phase, accompanied by a simulation and real-life testing phase. The POC’s total projected consideration is up to $120,000.
With Foresight’s proprietary automated calibrating method, the proof of concept project is achievable. It is meant to build a stereo system employing two mono cameras with overlapping fields of view in terms of improving the detection quality, distance accuracy, and resilience of a vehicle’s Advanced Driver Assistance System.
Haim Siboni, CEO of Foresight stated:
FRSX is ecstatic to have been picked by one of Europe’s largest passenger vehicle manufacturers to perform a proof of concept project to see if their superior stereoscopic technology can improve current mono camera-based safety mechanisms. This research may enable FRSX to provide a solution that can be quickly implemented in cars with level 2 and level 3 autonomy systems. Furthermore, it may enable automakers to take existing safety systems to the next degree of authority without the hassles that come with new hardware integrations and design modifications, which generally result in longer production times and higher costs. Also, FRSX thinks that this initiative will lead to extended prospects with other prominent car OEMs throughout the world.