Foresight Autonomous (FRSX, Financial) has taken a substantial step forward in drone technology by signing a non-binding memorandum of understanding with an Indian drone manufacturer. This agreement aims to pave the way for collaboration under the India-Israel Industrial Research & Development and Technological Innovation Fund program.
This initiative builds on a prior commercial agreement made on January 14, 2025, between Foresight and the same Indian company. Their joint efforts are focused on creating robust, autonomous drones designed for industrial inspection, equipped with both visible-light and thermal sensors.
The global drone inspection and monitoring market, which includes sectors such as oil and gas, mining, and critical infrastructure, was valued at about $10.5 billion in 2022. It is expected to expand significantly, reaching $21.3 billion by 2027, with a compound annual growth rate of 15.1%, according to a market study by Markets and Markets.
The collaboration expects to yield substantial revenue, with projections suggesting that the new technology could generate up to $32 million by 2031. To aid in this development, both parties have sought $5 million in funding from the India-Israel Industrial Research & Development and Technological Innovation Fund (I4F).
