Business
Rail Vision Received Follow-on Order from Leading US-Based Rail and Leasing Services Company
The customer requested and ordered new add-ons on top of a $5 million contract with the company Ra’anana, Israel, June 25, 2024 (GLOBE NEWSWIRE) -- Rail
About this update from Rail Vision Ltd.
[{"type":"text","content":"The customer requested and ordered new add-ons on top of a $5 million contract with the company Ra’anana, Israel, June 25, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the “Company”), a technology company at the forefront of revolutionizing railway safety and the data-related market, announced today a follow-on order from one of its customers, a leading US-based rail and leasing services company. The Company announced at the beginning of 2024, it has signed a contract valued at up to $5 million for ShuntingYard products. In April 2024, Rail Vision received an initial purchase order amounting to approximately $1 million as part of the contract, with the additional $4 million of follow-on orders subject to customer approval. The current follow-on order, in the amount of approximately $200,000, is in addition to the existing contract, and refers to additional services requested by the customer. Rail Vision’s unique ShuntingYard product enables railway operators to streamline and enhance the safety of their switching operations. Combining advanced vision sensors with artificial intelligence and deep learning technologies, the system automatically detects and classifies objects within a range of up to 200 meters in harsh weather and low light conditions. With its innovative Pathfinder technology, the ShuntingYard product detects the rail switch state to prevent switch breaches and derailments. Additionally, it offers an unparallel view of operational dead zones, especially to facilitate secure wagon coupling. The product sends real-time visual and acoustic alerts to remote operators and drivers, ensuring a safe and secure environment for team members and yard personnel during day-to-day switching operations. 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 ecosys...