Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today released financial results for the third quarter of 2021. According to the update, the company ended the quarter with $49 million in cash, cash equivalent and short-term deposits. “During the third quarter, Foresight achieved several significant milestones as part of our strategy to establish a worldwide network of partners for our stereoscopic vision systems for autonomous and semi-autonomous vehicles,” said Haim Siboni, Foresight’s chief executive officer. “We launched pilot projects and signed new agreements with partners in multiple regions, including our first proof-of-concept (‘POC’) project within the autonomous drones category. We are seeing widespread and diverse interest in our innovative vision systems, as manufacturers across industries and geographies recognize the need for safety and reliability in the autonomous vehicle revolution.”
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About Foresight Autonomous Holdings Ltd.
Foresight, founded in 2015, is a technology company engaged in the design, development and commercialization of sensor systems for the automotive industry. Through the company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing, and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident prevention solution based on real-time spatial analysis of clients’ movement. The company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. Foresight is targeting the semi-autonomous and autonomous vehicle markets and predicts that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.ForesightAuto.com.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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