Auto-tech co Foresight raises NIS 14.7m more

siboni autonomous car

Foresight has raised a total of NIS 38.5 million in recent weeks and its share price jumped 18% in the past two dats.

The share price of Foresight Autonomous Holdings Ltd. (TASE: FRST), Mobileye's(NYSE: MBLY) little competitor, shot up 9% today on the Tel Aviv Stock Exchange (TASE), completing an 18% rise in the two days following Intel's acquisition of Mobileye.

Simultaneously with the positive sentiment about the share, Foresight, controlled by cofounder and CEO Haim Siboni, today announced that it had raised NIS 14.7 million in private capital today, in addition to the NIS 23.5 million it raised two weeks ago through an offering of 17% of its shares, making a total of NIS 38.5 million in two weeks. The current round was at a price of NIS 2.10 per share, 20% below yesterday's closing price. The preceding round was conducted at NIS 1.90 per share. The company said that the money raised would enable it to continue development of its advanced systems for preventing traffic accidents.

Participants in the current financing round included investors from the auto industry, including the Dayan family, co-owners of the Trade Mobile company; Hamizrach Holding, a controlling shareholder in Universal Motors Israel (UMI) and Dan Vehicle and Transportation (Avis Israel) (TASE: DVT); and the Alpha Value Investment fund. The Shrem Zilberman Group led the round. Investors in the offering also received an option to buy an additional share at a $0.80 (NIS 2.90) strike price.

Foresight launched an alpha version of its flagship product in January 2017. The system launched is composed of a pair of video cameras installed on the front of a vehicle to provide stereoscopic (3D) vision capability and software installed in the vehicle designed to process the image obtained from the cameras using advanced algorithms. Based on this analysis, the system detects the dangers on the road and warns the driver about traffic accidents liable to take place as a result of the detected hazards.

Published by Globes [online], Israel Business News - www.globes-online.com - on March 15, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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siboni autonomous car
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