Rail Vision Received Order from a Class 1 US Railroad Company for its AI-Based Safety System
March 11 2024 - 8:58AM
Rail Vision Ltd. (Nasdaq: RVSN) (the “Company”), a technology
company at the forefront of revolutionizing railway safety and the
data-related market, today announced that it has received an order
for its AI-driven Switch Yard System from a Class 1 freight rail
company in the US.
The freight rail company, which is one of the largest in North
America, will install and use the system on its locomotive for
evaluation and testing different scenarios related to safety.
"We believe that this new order is a milestone for Rail Vision
that signifies the industry's trust in our solutions to navigate
the complexities of rail operations. By leveraging AI and machine
learning, we aim to transform the way railways operate, enhance
safety, efficiency reliability and preserve business continuity
across a railway network. This is another the beginning of our
journey in North America to make rail transportation safer and more
efficient for everyone", commented Rail Vision CEO, Shahar
Hania.
Rail Vision’s Switch Yard System uses
electro-optic sensors (including thermal and day sensors) combined
with AI, machine learning and Advance Driver Assistance System
(ADAS) solutions, to overcome limited vision issues that expand the
range of sight and decrease downtime, while also increasing
punctuality, efficiency, and safety. Rail Vision’s solutions
address critical issues within the industry with its innovative
AI-based Obstacle Detection System (ODS), which enables rail
operators to navigate issues easily and swiftly, including on-track
obstacles, accidents, high operational costs, lack of personnel,
capacity, maintenance issues, heavy traffic on the tracks,
extensive driving distances and harsh weather conditions.
About Rail Vision Ltd.
Rail Vision is a technology company that is seeking to
revolutionize railway safety and the data-related market. The
Company has developed cutting-edge, artificial intelligence-based,
industry-leading technology specifically designed for railways. The
Company has developed its railway detection and systems to save
lives, increase efficiency, and dramatically reduce expenses for
the railway operators. Rail Vision believes that its technology
will significantly increase railway safety around the world, while
creating significant benefits and adding value to everyone who
relies on the train ecosystem: from passengers using trains for
transportation to companies that use railways to deliver goods and
services. In addition, the company believes that its technology has
the potential to advance the revolutionary concept of autonomous
trains into a practical reality. For more information, please visit
https://www.railvision.io/
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act and other securities laws. Words
such as “expects,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates” and similar expressions or variations of such
words are intended to identify forward-looking statements. For
example, the Company is using forward-looking statements when it
discusses how it aims to transform the way railways operate,
enhance safety, efficiency reliability and preserve business
continuity across a railway network and its journey in North
America to make rail transportation safer and more efficient for
everyone. Forward-looking statements are not historical facts, and
are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs and projections will be achieved, and actual
results may differ materially from what is expressed in or
indicated by the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. For a more detailed
description of the risks and uncertainties affecting the Company,
reference is made to the Company’s reports filed from time to time
with the Securities and Exchange Commission (“SEC”), including, but
not limited to, the risks detailed in the Company’s annual report
on Form 20-F filed with the SEC on March 23, 2023. Forward-looking
statements speak only as of the date the statements are made. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, subsequent events or circumstances,
changes in assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with
respect to other forward-looking statements. References and links
to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release. Rail Vision is not responsible
for the contents of third-party websites.
Investor RelationsMichal
Efraty+972-(0)52-3044404michal@efraty.com
ContactsShahar HaniaChief Executive OfficerRail Vision Ltd.15
Ha'Tidhar StRa'anana, 4366517 IsraelTelephone: +972- 9-957-7706
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