Foresight Autonomous Holdings, an Israel-based company specializing in automotive vision systems, announced it had signed a commercial agreement with Elbit Systems for the exclusive marketing of Foresight’s proprietary image processing software for the defense, paramilitary and homeland security markets. Elbit intends to integrate Foresight’s image processing software into its products, systems and solutions, and to market it globally. The software will be implemented in wheeled military and security ground vehicles, including unmanned vehicles.
This commercial agreement follows a successful evaluation of the QuadSight four-camera vision system prototype purchased by Elbit. The system was evaluated over a period of two months in both controlled and uncontrolled environments, including testing in off-road driving conditions.
According to the agreement, Foresight will sell the current version of its image processing software in the form of a software license to both Elbit and Elbit’s customers for several thousand US dollars per license. Foresight will also provide support and maintenance services to Elbit for an additional fee. Furthermore, Foresight expects to receive a more substantial consideration in return for future development agreements in order to accommodate changes to its current software version, as required by Elbit or Elbit’s customers, on a case-by-case basis.
Elbit will have exclusive rights to market and sell Foresight’s image processing software in Israel for a period of several years. In order to maintain exclusive rights in Israel, Elbit committed to issue minimum annual orders for the exclusivity period, with an initial purchase order in the amount of approximately $50,000 due after the execution of the agreement.
Elbit will also have exclusive rights to distribute Foresight’s image processing software globally for an initial period, as determined in the agreement. The global exclusivity excludes several customers within the defense industry who are already engaged in commercial activity with Foresight. The exclusivity rights, both in Israel and globally, may be extended based on sales achievements.
“We are very excited to announce our cooperation with a leading global company like Elbit, which marks an important milestone for Foresight. This agreement validates the business approach we have taken over the last year, selling prototype systems and offering strategic partners the chance to experience our unique solution firsthand and integrate it into their vehicles,” said Haim Siboni, CEO of Foresight. “Elbit is known for its rigorous testing and strict requirements. The QuadSight system was selected as Elbit’s technology of choice when compared to other competing technologies, further strengthening Foresight’s position as a technology leader for advanced automotive vision systems. Entering the new defense market will enable Foresight to extend and enhance its current product capabilities and will open new opportunities.”