Israeli AI company Rail Vision has secured a $5 million contract with a leading US-based rail and leasing services company. Rail Vision’s AI-based Switch Yard Systems improve safety and efficiency in rail yards by combining advanced vision sensors with AI and deep learning technologies. The system can detect and classify objects within a range of up to 200 meters, in various weather conditions. It also detects switch states and enables the monitoring of operational dead zones, providing real-time alerts to remote operators and drivers. Rail Vision’s CEO, Shahar Hania, described the contract as a significant milestone for the company and emphasized their commitment to enabling the rail industry with cutting-edge technology.
Rail Vision’s Switch Yard System has the potential to revolutionize railway safety and data-related market. The company’s technology aims to save lives, increase efficiency, and reduce expenses for railway operators. Rail Vision believes that its technology will significantly increase railway safety worldwide and create benefits for those who rely on the train ecosystem, from passengers to companies that use railways for transport. The company also sees potential in its technology for advancing the concept of autonomous trains.
Foresight Autonomous Holdings, which owns 10.2% of Rail Vision’s outstanding share capital, expressed its excitement about the contract. Foresight develops smart multi-spectral vision software solutions and cellular-based applications. They believe that Rail Vision’s technology, combined with their own vision solutions, can be applied to different markets such as automotive, defense, autonomous vehicles, and heavy industrial equipment.
The contract with the US-based rail and leasing services company is valued at up to $5 million, with the first phase worth $1 million. Follow-on orders for additional Switch Yard Systems, totaling up to $4 million, are contingent on customer approval. There are also specific purchase quotas included in the contract, which, if met, would give the customer exclusivity in the North American industrial railyards switching segment.
Rail Vision’s entrance into the US market is a significant development for the company, and it demonstrates the recognition of the value of their solution by industry players. Rail Vision’s technology has the potential to revolutionize rail yard safety and enhance the efficiency of rail operations. With this contract, Rail Vision is poised to make a significant impact in the rail industry, contributing to a safer and more efficient future.
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