Shares in Israeli-based Rail Vision Ltd. (NASDAQ: RVSN) enjoyed slight gains Friday, as technology company at the forefront of revolutionizing railway safety and the data-related SaaS market, today shared several commercial and technological accomplishments since the start of 2024, including valuable developments with tier one rail companies in the United States, the expansion of its distribution network and additional new partnerships and technological advancements. As Rail Vision progresses through 2024, the Company remains focused on scaling up to capitalize on opportunities with industry leaders, especially in United States.
Additional Q1 2024 and recent key milestones and achievements: Rail Vision revealed its next generation computing unit for its accident prevention AI-based ADAS products MainLine and ShuntingYard; it also received notice of allowance for US patent on AI-powered railway obstacle detection system; Received patent approval from the Indian patent office. The firm also received $1 million order out of a contract valued at up to $5 million in potential follow-on orders with leading U.S.-based rail and leasing services company.
Said CEO Shahar Hania, "We started 2024 by securing over $5 million to fuel our business through a pair of financing transactions . In the last five months, we achieved important milestones, including the first-ever commercial installation of our products, several engagements with US industry leaders, a significant regulatory certification in Europe, and multiple patent approvals.”
RVSN shares gained three cents, or 2.9%, to $1.06.
