The companies will join forces to develop vision systems for the Chinese autonomous vehicle market
Yantai, China – June 3, 2024 – Raytron Technology Co., Ltd. (“Raytron”), a pioneering company in infrared thermal camera solutions has signed a three-way strategic cooperation agreement with Foresight Automotive Ltd. (“Foresight” or the “Company”), an innovator in automotive vision solutions, and with its wholly owned subsidiary Foresight Changzhou Automotive Ltd. (“Foresight Changzhou”).
This agreement will strengthen Raytron’s advantages in the automotive industry and broaden its thermal imaging solution capability.
The multi-phase agreement establishes a framework for collaboration between the companies in order to integrate Raytron's infrared camera technology into Foresight's camera vision systems for the Greater China automotive market.
Under the agreement, Raytron and Foresight will work together to introduce the camera vision products and technology to original equipment manufacturers (OEM) and Tier One suppliers from the commercial vehicle and heavy machinery industries, leveraging its strong connections in the Chinese automotive industry.
Foresight will incorporate Raytron's advanced thermal imaging solutions into its stereoscopic vision systems tailored for autonomous driving applications and will introduce Raytron to its potential customers in China. The companies will cooperate on conducting feasibility studies and collaborate on safety and regulatory requirements. The parties will cooperate to ensure that the infrared cameras manufactured by Raytron meet rigorous automotive quality standards and meet the quality requirements of end customers. The parties have also agreed to negotiate a pricing roadmap as soon as practically possible to determine the market target pricing for the products that may potentially be developed pursuant to the collaboration.
About Raytron
Raytron Technology Co., Ltd. is a leading high-tech enterprise specializing in the design and manufacturing technology of application-specific integrated circuits and special chips. Being deeply involved in the three major fields of infrared, microwave and laser, the Company has mastered core technologies for multi-spectral sensing and Al algorithm development, providing global customers with extraordinary MEMS chips, ASIC processor chips, infrared thermal imaging products, laser/microwave products and optoelectronic systems.
Raytron's products are widely used in night vision observation, artificial intelligence, satellite communication, autonomous driving, UAV load, machine vision, smart industry, security purpose, fire protection, Internet of Things, intelligent robots, and laser range finding.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
