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The rail contractor signed a supply contract for Rail Vision's AI-based Switch Yard Systems
Ness Ziona, Israel, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight"), an innovator in automotive vision systems, announced today that its affiliate, Rail Vision Ltd. (NASDAQ:RVSN) ("Rail Vision") has signed a supply contract with a leading US-based rail and leasing services company valued at up to $5 million for the purchase of Rail Vision's artificial intelligence (AI)-based Switch Yard Systems. Foresight owns 10.2% of Rail Vision's outstanding share capital.
"The signing of the contract with this customer is a significant milestone for Rail Vision, marking our entrance into the US market and reflecting our commitment to enabling the rail industry with cutting-edge AI-based technology," said Shahar Hania, CEO of Rail Vision. "Our Switch Yard System is designed to significantly improve safety and efficiency in rail yards. We are proud that our new customer, a prominent player in the rail services sector in North America, has recognized the value of our solution. This new partnership is a testament to the innovation and effectiveness of Rail Vision's technology, and we look forward to working closely with this customer to help them enhance operations and contribute to a safer, more efficient rail industry."
Rail Vision's unique Switch Yard System enables railway operators to streamline and enhance the safety of their industrial switching operations. Combining advanced vision sensors with AI and deep learning technologies, the system automatically detects and classifies objects within a range of up to 200 meters, in various weather and light conditions. With its one-of-a-kind Pathfinder technology, the Switch Yard System can detect switch states to support the execution of coupling from a remote position. In addition, it enables the monitoring of operational dead zones to facilitate secure wagon coupling and sends real-time visual and acoustic alerts to remote operators and drivers, ensuring a safe and secure environment.
The first phase of the contract is valued at $1 million. Follow-on orders for additional Switch Yard Systems, valued at up to $4 million, are subject to customer approval. The contract also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards switching segment.
