Rail Vision Announces $10 Million Investment From Knorr-Bremse
The announcement confirmed a previous report of the investment by Calcalist
Railway safety system developer Rail Vision Ltd. announced Thursday a $10 million investment by Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, a subsidiary of German automotive manufacturer Knorr-Bremse AG, confirming a previous Calcalist report.
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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.
Rail Vision's system. Photo: PR
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.