Rail Vision, an affiliate of Foresight Autonomous Holdings, has secured additional investment from German company Knorr-Bremse.
The Foresight-affiliate signed an agreement with Knorr-Bremse Systeme für Schienenfahrzeuge to secure $10m funding.
The deal marks Knorr-Bremse’s second investment in Rail Vision, following an original investment of $10m last year.
With the additional investment, Knorr-Bremse will now own a total of 36.79% of Rail Vision’s outstanding share capital.
The latest deal also includes an option that will enable Rail Vision to secure a further $5m under the same investment terms, subject to fulfilment of certain conditions.
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Rail Vision’s post money valuation now amounts to nearly $50m while Foresight’s holding in the company stands at 19.34% (16.49% on a fully diluted basis).
Foresight CEO Haim Siboni said: “Knorr-Bremse’s continued investment marks a vote of confidence in Rail Vision’s unique technology and its solutions for the rail industry.
“We believe that further securing Rail Vision’s finances will strengthen the company’s performance and support its commercialisation and market penetration efforts.”
Based in Israel, Rail Vision focuses on providing cognitive vision sensor technology and safety systems to the railway industry.
The company’s solutions help in detecting and classifying objects or obstacles on the line. The portfolio also includes solutions for rail path recognition (switch state detection), distance measurement and opportunity infrastructure condition monitoring.
Notably, Rail Vision collaborated with Knorr-Bremse last month to test a remote shunting system on several SBB Cargo shunting locomotives.
It involved testing Rail Vision’s assisted remote shunting system to streamline the shunting processes of cargo vehicles.