Rail Vision Announces $10 Million Investment From Knorr-Bremse
The announcement confirmed a previous report of the investment by Calcalist
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Founded in 2015 by four former employees of Israel-based arms manufacturers Rafael Advanced Defense Systems Ltd. and Elbit Systems Ltd., Rail Vision develops an automated early warning system (AEWS) for locomotives. When mounted on a train, the company's thermal sensor can identify hazards at a distance of up to two miles under different weather and lighting conditions, alerting both the train’s staff and the command and control center.
In Thursday’s announcement, filed by controlling shareholder Tel-Aviv listed advanced driver assistance systems company Foresight Autonomous Holdings Ltd., the company said Knorr-Bremse will make the investment in two payments, in exchange for a 21.3% stake. The deal includes the option of an additional investment of up to $3.6 million. The investment is being made according to a company valuation of $47 million for Rail Vision.
Knorr-Bremse will also be appointing a director and two observers to Rail Vision’s board.