Shares of Rail Vision Ltd. (RVSN) are climbing over 17% on Monday following the announcement of a new order for its AI-driven Switch Yard System from a leading Class 1 freight rail company in the US.
RVSN is trading on the Nasdaq at $3.32, up 17.64% or $0.49 per share. It has traded between $1.01 and $23.37 in the past 52-week period.
The financial details of the deal have not been disclosed.
The North American freight rail giant plans to implement and test the system on its locomotive to assess various safety scenarios.
Rail Vision's Switch Yard System utilizes an electro-optic sensor alongside AI, machine learning, and ADAS solutions to address visibility challenges and enhance punctuality, efficiency, and safety.
Furthermore, the company's offerings, such as the AI-based Obstacle Detection System, effectively tackle industry problems by aiding rail operators in managing obstacles, accidents, operational costs, staffing shortages, capacity constraints, maintenance issues, heavy track congestion, long driving distances, and adverse weather conditions.
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