Foresight and Tata Elxsi Sign Collaboration Agreement
Rhea-AI Summary
Foresight Autonomous Holdings (Nasdaq and TASE: FRSX) has signed a multi-phase collaboration agreement with Tata Elxsi, a global tier-one technology services provider. The partnership focuses on developing and commercializing advanced ADAS solutions using Foresight's stereoscopic technology for integration into Tata Motors vehicles. The initial phase targets passenger vehicles, heavy machinery, and agricultural vehicles in India. Tata Elxsi will promote Foresight's 3D perception solutions to its customer base, starting with the Indian automotive industry in 2024 and expanding to heavy machinery and agriculture sectors in the first half of 2025.
Positive
- Strategic partnership with Tata Elxsi, a major tier-one supplier, expanding market reach in India
- Integration of technology into Tata Motors vehicles, providing access to major automotive manufacturer
- Market expansion into multiple sectors: passenger vehicles, heavy machinery, and agricultural vehicles
- Planned global market expansion beyond Indian automotive industry
Negative
- None.
News Market Reaction – FRSX
On the day this news was published, FRSX gained 6.03%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The parties will collaborate to accelerate development of solutions for semi-autonomous and autonomous vehicles using Foresight’s stereoscopic technology and Tata Elxsi’s integration solutions for marketing in the Indian automotive industry
Ness Ziona, Israel, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision systems, announced today the signing of multi-phase collaboration agreement with Tata Elxsi Limited (“Tata Elxsi”), a leading global tier-one supplier of design and technology services, providing solutions across various industries, including the automotive, broadcast, communications, healthcare, and transportation industries.
The initial phase will include the development and commercialization of advanced solutions for advanced driver assistance systems (ADAS). These will be integrated into passenger vehicles, heavy machinery and agricultural vehicles manufactured by Tata Motors. Building on the success of the ADAS implementations, the parties will continue to develop and commercialize advanced services for semi and fully autonomous features to be integrated into various applications within the automotive industry.
Tata Elxsi will introduce and promote Foresight’s 3D perception solutions to its diverse customer base, starting with the Indian automotive industry, and subsequently targeting global automotive vehicle manufacturers. Furthermore, during the first half of 2025, Tata Elxsi plans to promote Foresight’s solutions to its existing customers in the heavy machinery and agriculture sectors.
Foresight’s 3D perception solutions are based on stereoscopic technology, using both visible-light and thermal infrared cameras, and proprietary algorithms to detect all objects and create high resolution 3D point clouds.
“We are excited to collaborate with Tata Elxsi to bring our advanced 3D perception technology to the Indian automotive industry. We believe that this collaboration will help us expand our footprint in the emerging Indian market, including in autonomous passenger vehicles, heavy machinery and agricultural equipment, thereby leading to safer and more efficient transportation options across India,” said Oren Bar-On, Chief Executive Officer of Foresight Asia.
About Tata Elxsi
Tata Elxsi is a fully integrated global design and technology consultancy, creating innovative products, services and experiences to build brands and help businesses grow. It has a multi-disciplinary team of over 13,000 design researchers, strategists, product, UX/ UI designers, technologists, and engineers. Tata Elxsi helps clients globally to bring new ideas and award-winning products and services to market. For more information, visit www.tataelxsi.com
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on “X” (formerly Twitter), or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the prospective phrases of the collaboration agreement between Tata Elxsi and Foresight, the potential exposure of Foresight’s technology to certain heavy machinery and agricultural sector manufacturers, and the belief that this collaboration will aid Foresight’s expansion of its footprint in the Indian market, thereby potentially leading to safer and more efficient transportation options across India. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
FAQ
What is the collaboration agreement between Foresight (FRSX) and Tata Elxsi?
When will Tata Elxsi promote Foresight's (FRSX) solutions to heavy machinery and agriculture sectors?
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