Foresight Lands Up to $7 Million Deal with Tier-One Supplier KONEC to Distribute Technology and Products in South Korea

Agreement Overview - Foresight and KONEC signed a commercial cooperation agreement to integrate advanced 3D perception solutions into vehicles and machinery in South Korea [10] - The agreement includes exclusive distribution rights for KONEC in South Korea, subject to meeting certain sales targets [1] - The collaboration follows a successful co-development agreement sponsored by Hyundai’s Foundation of Korea Automotive Parts Industry Promotion [2] Strategic Goals - The partnership aims to enhance operational efficiency, improve product quality, and unlock new possibilities in sectors like automotive, agriculture, and heavy machinery [6] - Both parties are considering establishing a joint venture in South Korea to facilitate business cooperation, including setting up a manufacturing factory [3] Market Potential - KONEC forecasts commercial sales of $1.5 million by 2027, with revenues projected to grow up to$7 million by 2029 [14] - The solutions are designed for a wide range of sectors, including passenger vehicles, commercial vehicles, autonomous logistics vehicles, and geofenced autonomous vehicles [10] Company Profiles - KONEC is a leading Tier-One automotive supplier specializing in eco-friendly vehicle parts using high-pressure die-casting processes, with major customers including Tesla, Hyundai Motor, and Kia [5] - Foresight develops smart multi-spectral vision software solutions and cellular-based applications through its subsidiaries, focusing on in-line-of-sight and beyond-line-of-sight accident-prevention solutions [16] Technological Innovation - Foresight’s 3D perception solutions include automatic calibration and dense 3D point cloud modules applicable to automotive, defense, autonomous vehicles, and heavy industrial equipment [8] - Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts using AI technology and advanced analytics [8] Leadership Statements - Foresight’s CEO highlighted the substantial revenue opportunities and the role in South Korea’s technological leadership [4] - KONEC’s CTO emphasized the agreement’s potential for autonomous driving growth and value creation for stakeholders [6]