Automotive vision system developer Foresight Autonomous Holdings (FRSX) announced it has signed a commercial agreement with Elbit Systems Land Ltd., a subsidiary of Elbit Systems Ltd., for exclusive marketing of its proprietary image processing software for the defense, paramilitary, and homeland security markets. Elbit, a $6.7-billion defense electronics company based in Israel, intends to integrate Foresight’s image processing software into its products, systems, and solutions, and to market it globally. The software applications will first be used in wheeled military and security ground vehicles, including unmanned vehicles.
According to the agreement, Foresight will sell the current version of its proprietary image processing software in the form of a software license to both Elbit and Elbit’s customers for several thousand U.S. dollars per license. Foresight will also provide support and maintenance services to Elbit for an additional fee. Furthermore, Foresight expects to receive a more substantial consideration in return for future development agreements to accommodate changes to its current software version, as required by Elbit or Elbit’s customers, on a case-by-case basis.