Shares of Foresight Autonomous Holdings (FRSX -2.54%) spiked as much as 18% Friday morning before paring some of those gains. As of 11:30 a.m. EST today, shares were still 12% higher than Thursday's closing price.
The company focuses on driver-assistance and autonomous-driving technologies, and said it has now completed the pilot phase with a Japanese automotive manufacturer for its Eye-Net Mobile subsidiary product. The results have enabled the unnamed global Japanese carmaker to conclude that Eye-Net will be suitable for the traffic-safety system of a smart-city project.
Foresight says its autonomous technology is achieved by "fusing stereo visible-light cameras with thermal long-wave infrared sensors that provide depth perception and obtain a clear 3D view." The intelligent-transport division of the carmaker is working on the traffic-safety system for the smart-city project.
With Eye-Net's success in the pilot phase, the auto manufacturer will now engage in technical discussions with Eye-Net and the smart-city project developer, possibly integrating the technology into the project. "This project has the potential to become a critical catalyst for integrating our solution into similar smart-city projects around the world," Dror Elbaz, deputy CEO of Eye-Net Mobile said in a statement.
Shares of Foresight, the Israel-based parent company, are up 670% since the start of 2020, growing the five-year-old company's market cap to over $500 million.