Automotive technology manufacturer Foresight Autonomous Holdings has increased its stake in Rail Vision, which develops vision-based systems and solutions for rail industry.
Foresight has executed warrants into 11,486 of Rail Vision’s ordinary shares for an aggregate of $2.24m as part of the initiative.
The company holds 32.62% of the issued and outstanding share capital of Rail Vision following the transaction, as well as 35.73% on a fully diluted basis.
Rail Vision previously carried out a successful trial of its vision-based system with a European railway company last month, which saw the solution tested under different weather conditions in both day and night.
The new vision-based system’s real-time capabilities were assessed to identify and differentiate between various obstacles on the rail path from a distance of several hundred metres as part of the trial.
After the initial tests, the European railway company expressed its interest in conducting a long-term, paid pilot test with Rail Vision’s system as it considers purchasing the new technology for its locomotive units.
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Foresight Autonomous Holdings CEO Haim Siboni said: “Aiming to accelerate and finalise the development and commercialisation of its system, Rail Vision’s management approached Foresight with a request to expedite the exercise of the warrants.
“Foresight is pleased to increase its stake and investment in Rail Vision in order to provide additional working capital, and to assist Rail Vision in meeting its challenging goals.”
Foresight was initially founded in 2015 and primarily focuses on the design, development and commercialisation of stereo / quad-camera vision systems for the automotive industry.
The company’s fully owned subsidiary Foresight Automotive is engaged in the development of advanced systems that can provide real-time information regarding the vehicle’s surroundings during transit, thereby reducing the risk of accidents.