Seeing Machines Limited
Automotive Design Award with Premium German OEM
26 April 2018
Seeing Machines Limited (AIM: SEE) ("Seeing Machines" or the "Company"), an industry leader in computer vision technologies which enable machines to see, understand and assist people, is delighted to announce a further program design win with an additional premium German Automotive OEM to deliver its FOVIO driver monitoring technology into new automobile models, planned for mass production from 2021.
Seeing Machines has been selected in conjunction with three major Tier 1 automotive suppliers to deliver the program covering much of the OEM model portfolio.
With an estimated revenue value of A$25M based on initial included models and lifetime volume projections, this program is expected to be classified as a large value program (according to previously provided guidelines). However, volume projections can change materially and, as is typical in automotive industry contracts, there are no guarantees on the level of overall revenues beyond engineering milestone payments. Given Euro NCAP's inclusion of Driver Monitoring Systems (DMS) as a proposed primary safety feature in their "Road Map 2025" from 2020, the Company believes that there is significant potential for the OEM program to grow significantly in revenue through increased DMS feature penetration and volume across all vehicle models.
Seeing Machines' FOVIO driver monitoring platform uses advanced machine vision technology to precisely measure and analyse head pose, eyelid movements and eye-gaze under a full spectrum of demanding lighting conditions, including through sunglasses. This data is processed to deliver real-time information on driver attention state, focus, drowsiness and impairment levels. DMS technology is typically used to enable intelligent ADAS and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.
Nick DiFiore, General Manager of Automotive at Seeing Machines, commented: "This further award in Europe is evidence of our technology leadership as we continue to expand our position with premium Automotive OEMs to deliver world-class driver monitoring technology. We are thrilled to be working with an industry leading OEM and look forward to increased opportunities for our Automotive business in general around the world, as we further grow our ecosystem of Tier 1 partners to deliver our FOVIO platform products."
Enquiries:
Seeing Machines Limited |
www.seeingmachines.com / +61 2 6103 4700 |
Ken Kroeger, Executive Chairman & Interim CEO Media inquiries |
[email protected] [email protected] |
Cenkos Securities plc (Nominated Adviser and Joint Broker) |
+44 131 220 6939 |
Neil McDonald Beth McKiernan Pete Lynch |
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Canaccord Genuity Limited (Joint Broker) |
+44 20 7523 8000 |
Simon Bridges Richard Andrews Alexander Napier |
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
About Seeing Machines
Seeing Machines (LSE: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its FOVIO machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes for Driver Monitoring Systems (DMS), which monitor driver attention state including drowsiness and distraction. DMS is increasingly considered a core automotive safety technology as well as an enabling technology for ADAS/Autonomous Driving. The Company's pioneering commercial fleet solution (Guardian) delivers an after-market, in-cabin safety intervention system with 24/7 monitoring and cloud analytics services delivered on a telematics SaaS basis. The Company also serves Aviation, Rail and Off-Road markets, and they are seeking to innovate in new markets. Based in Canberra, Australia with the intention to grow in the USA and Europe, the Company delivers multi-platform solutions from embedded software and processors to aftermarket system and service solutions to industry leaders globally. www.seeingmachines.com.
