RA'ANANA, Israel - Rail Vision Ltd. (NASDAQ:RVSN), an innovator in railway safety technology, announced today that it has received an order for its AI-driven Switch (NYSE:SWCH) Yard System from a major Class 1 freight rail company in the United States. The system is set to be installed on a locomotive for evaluation and testing of various safety scenarios.
The order marks a significant step for Rail Vision as it seeks to make inroads into the North American market, with the aim of improving rail transportation safety and efficiency. The company's CEO, Shahar Hania, stated that this development reflects the industry's confidence in their solutions to address complex rail operations.
Rail Vision's technology combines electro-optic sensors, including thermal and day sensors, with artificial intelligence, machine learning, and Advance Driver Assistance System (ADAS) solutions. These innovations are designed to enhance the operator's vision, thereby reducing downtime and improving punctuality, efficiency, and safety.
The company's AI-based Obstacle Detection System (ODS) is particularly notable for its ability to help rail operators swiftly manage on-track obstacles, accidents, and other operational challenges such as high costs, personnel shortages, maintenance issues, heavy traffic, long distances, and adverse weather conditions.
Rail Vision's technology not only aims to save lives and reduce expenses for railway operators but also aspires to advance the concept of autonomous trains. The company believes its systems will significantly increase global railway safety and add value to the entire train ecosystem.
This news is based on a press release statement from Rail Vision Ltd. and includes forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected. The company's previous filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on March 23, 2023, detail these risks.
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