Elsight puts pedal to the metal on autonomous car industry entry
Video platform developer Elsight has accelerated its entry into the driverless car market, winning orders from a major global manufacturer.
Israel-based Elsight delivers encrypted, two-way data, voice and video communications in real-time, to allow for continuous control of a driverless vehicle.
The shares (ASX:ELS) were trading up 12 per cent off the news on Thursday morning, before the company went into a trading halt at 10.30am, pending further details.
Trade is halted at $1.29, which gives the company a market capitalisation of $40 million.
Shares have traded between 14c and $1.78 in the past 52 weeks.
They say this latest development affirms the suitability of their technology in the autonomous vehicle sector, complementing news of orders for tactical unmanned ground vehicles in the military.
Unlike ordinary video software that stores data from driving on a hard drive inside the car, Elsight delivers and uses data in real time to maximise the control of each vehicle to millisecond speeds.
They say it allows for immediate updates of dangerous road conditions such as black ice or oil slights and can integrate as many as eight cameras within the one control system.
“This is only our first strategic step toward a major entry into the autonomous car market. This order comes to lock in an extensive first phase of testing with the multichannel which, upon its success has the potential of becoming standard equipment in their entire fleet of autonomous vehicles currently being tested worldwide,” Elsight CEO, Nir Gabay told the market on Thursday.
“This development presents us with a chance to build a leading presence in this market once manufacturers use and validate our system during the current testing and development stage, as it guarantees continuous, secure connectivity, ensuring complete passenger safety.”
They say the technology has already been proven in life and death situations, citing their beginnings as a military product to assist in decision making in the field.