Brightway Vision Ltd. has adapted night vision technology developed by Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) to combat traffic accidents. The Haifa-based company is now seeking to raise $10 million.
"Elbit CEO Joseph Ackerman asked me to examine which military technologies could have civilian applications," Brightway CEO Dr. Ephraim Wasservogel, who co-founded the company with Ofer David.
Elbit Systems owns 78% of Brightway, the Manor family, which owns Citroen and Peugeot importer Lubinski Ltd., owns 10% and Brightway's founders and employees own 12%.
Wasservogel said, "Our objective is to create an inexpensive system to improve vision while driving at night to prevent road accidents. Our competitors are Bosch and AutoLiv, but their systems are far more expensive than our technology. Their prices could be double or triple the price of our system."
Brightway estimates the cost of its products at $2,200-7,200. Wasservogel has worked for Poalim Capital Markets - Investment Bank Ltd. and Renault Trucks, and was involved in Shai Agassi's electric car venture Better Place LLC.
Most nighttime traffic accidents are caused by limited visibility, which greatly increases drivers' response time, and cognitive differences between day and night.
Brightway's device, called BrightEye, improves night vision at a range of up to 250 meters. The system is designed to identify obstacles on the road, including other vehicles, pedestrians, and animals, and alert the driver.
BrightEye's technology has three main components: laser beams; a camera installed on the vehicle's grill; and a screen on the dashboard, which displays the enhanced picture.
Brightway Vision was founded in 2010 and is currently seeking strategic partners. It is talks to sell its products to General Motors, Volvo, Renault SA (Euronext: RNO), Nissan Motor Company (TSE: 7201), Mercedes Benz, and Peugeot-Citroen SA (Euronext: PSA).
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2011
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