Foresight and Shunwei Intelligence sign commercial agreement worth up to US$51 million

Foresight and Shunwei Intelligence sign commercial agreement worth up to US$51 million

Foresight’s QuadSight® technology will provide driver assistance capabilities to Chinese airport vehicles

Nes Zion, Israel - News Direct - November 17, 2022 - Foresight Autonomous Holdings Ltd. ("Foresight"), an innovator in automotive vision systems, today announced a partnership with Shunwei Intelligent Technology (Changzhou) Co., Ltd. ("Shunwei" Smart"), a Chinese global manufacturer of autonomous and unmanned intelligent vehicle products, has signed a joint development and supply agreement. The deal is expected to generate up to $51 million in revenue over the four-year contract period based on Shunwei Intelligence's demand.

"More than a year of extensive testing leads us to believe this partnership has significant commercial potential across a variety of applications and markets. In adverse weather and low-light conditions, Foresight technology delivers an accuracy of point clouds and obstacles unmatched by other sensors." For object detection capabilities, we chose Foresight. Its passive sensors are very suitable for installation in airport vehicles using autonomous driving systems in multi-sensor environments to avoid interference from other sensors," said Zheng Kui, executive director of Shunwei Intelligence.

The joint project under the agreement will develop obstacle detection systems and cloud gateways for advanced driver assistance systems (ADAS) for autonomous vehicles as well as airport ground support vehicles using visible and infrared cameras. Starting from the first half of 2023, Shunwei Intelligence will promote the system to its customers, third parties in mainland China, and Hong Kong, Macao and Taiwan. Shunwei Intelligence will be responsible for all regulatory clearances related to commercialization, as well as all installation, deployment, maintenance and support. In addition, Shunwei Intelligent has obtained the exclusive commercialization rights for the airport ground support vehicle ADAS system in China, subject to predetermined commercial terms.

Haim Siboni, CEO of Foresight, said: "Shunwei Intelligent's vote of confidence in Foresight is the recognition of our advanced vision system by China's automotive leaders. Installing our original QuadSight technology on various airport vehicles using ADAS systems will enhance The safety and reliability of ground operations at various airports in China, "Siboni concluded: "We believe that the combination of our technologies is expected to enter other markets in China, including agriculture and infrastructure. "

Foresight's QuadSight® stereoscope technology (including patented software and cameras) will be licensed to Shunwei Intelligent and used as the basis of its ADAS system to be integrated into a variety of vehicles that work closely with aircraft, including fuel trucks, garbage trucks, boarding trucks, etc. . The QuadSight system can achieve full coverage of obstacles in bad weather and low light conditions.