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The cooperation, with a renowned supplier of the Indian Ministry of Defense, entails development and integration of Foresight’s 3D perception solution into autonomous drones. The five-year collaboration is projected to generate potential revenue up to $16 million by 2029.
Ness Ziona, Israel, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in three-dimensional (“3D”) perception systems, announced the signing of a commercial cooperation agreement with a prominent Indian drone manufacturer, that is a supplier of the Indian Ministry of Defense, to integrate its 3D perception technology into the manufacturer's autonomous drone platforms, with a total commercial potential reaching up to $2.5 million by 2026. By the end of 2029, the collaboration is anticipated to deliver potential revenue up to $16 million.
The agreement aims to enable autonomous drone and unmanned aerial vehicle (“UAV”) technology by integrating Foresight’s cutting-edge 3D perception solutions into the drone manufacturer's autonomous systems. Initially, this collaboration will focus on improving drone performance in challenging environments, such as dense smoke, poor lighting and high temperatures. The drones will be able to detect people in these conditions while providing real-time information about the drones’ spatial positioning. The initial phase of the collaboration will focus on developing advanced solutions for the Indian defense market. At a later stage, the parties will consider manufacturing, marketing, and distribution efforts, initially targeting the Republic of India before expanding globally.
Foresight’s 3D perception solution, using stereoscopic long-wave infrared technology, is particularly well-suited for drone applications, with the ability to maintain robust performance required for the detection of humans in challenging environments, including dense smoke conditions caused by fires. This collaboration represents a significant advancement in Foresight's strategy to expand its 3D perception technology across diverse autonomous vehicle markets, including drones, unmanned aerial vehicles, and autonomous ground vehicles.
“We are excited to collaborate with one of India's foremost autonomous drone companies," said Mr. Oren Bar-On, Chief Executive Officer of Foresight Changzhou Automotive Ltd. "Our stereoscopic long-wave infrared technology offers unparalleled 3D perception capabilities, which, when combined with the drone manufacturer's expertise in drone manufacturing, will result in solutions that are not just technologically advanced, but also practical and impactful. This agreement demonstrates the adaptability of our ScaleCam™ technology across various autonomous platforms, from automotive to aerial applications,” Mr. Bar-On concluded.