Longer than expected time to convert pilot trials to volume sales or faster than expected price erosion could increase this shortfall. We estimate that the company will need to raise NIS30.0m ($7.9m) by Q118 but this may be satisfied by a planned Nasdaq equity raising later this year. There is no guarantee that targeted object detection rates and lower accident rates will be achieved and FRST may struggle to gain targeted prices for its software in a highly competitive market. With the technology still unproven, successful launch of the POC is the critical near-term milestone. As such there are significant risks, uncertainties and potential. Sensitivities: Development stage product, funding, delaysįRST is a development stage business with potentially disruptive technology moving towards commercialisation. RV’s technology has already undergone significant testing by Israel Railways and its proof of concept ( POC ) is due in Q317. In addition to sales of the systems, RV will generate revenues from data collected by sensors on the trains. Its system has a 1.5km object detection range for night/day/all-weather use using far infrared and CCD cameras. After planned warrant exercises, FRST will shortly have a 31.5% stake in Rail Vision Ltd, which is currently the only known company developing an ADAS-type solution for the rail industry. The company is looking to accelerate its market entry with a focus on the large and fast-to-market Chinese auto industry where the authorities are looking to bring safety standards to EU levels by 2018. If successful FRST should be able to build market share in both the ADAS and FA vehicle markets, the latter with the planned launch of sensor fusion software in 2020. Its aim is to achieve 100% object detection in all weather and light conditions – well ahead of company estimates of current industry norms of c 85%. Taking leading technology in a new directionįoresight is a development stage company using the know-how of parent company Magna BSP, developed with the Israeli military, to develop algorithms for forward stereo camera systems in vehicles.
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