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Foresight Dips on New Deal with BuilderX

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares fall slightly Wednesday, as the Israeli-based company, an innovator in automotive vision systems, announced today the signing of an agreement for a proof of concept (POC) project with BuilderX Robotics, a Chinese developer of remote-controlled devices for heavy machinery, designed primarily for operation in hazardous industrial environments.

BuilderX's products enable real-time remote operation and monitoring of heavy machinery through control consoles, utilizing multiple cameras mounted on the heavy machinery. The POC project will focus on assessing Foresight’s QuadSight® 3D perception capabilities, using both visible-light and thermal cameras, to potentially enhance the operational safety, vision accuracy and efficiency of BuilderX’s machinery, which usually operate under harsh environmental conditions.

The POC project aims to address key challenges in diverse industrial settings. These challenges include the presence of hazardous gases that can be toxic, severe dust conditions that pose significant health risks to human operators, and poor visibility conditions caused by intensive dust, glare, or insufficient lighting that can impair operator vision and increase the risk of accidents. By incorporating Foresight's high-resolution point cloud technology and automatic calibration features, BuilderX can potentially enhance the accuracy of its perception systems.

FRSX shares gave back a penny, or 1.1%, to one dollar.