Seeing Machines Limited Development of aviation fatigue detection solution (1093Q)

TIDMSEE

RNS Number : 1093Q

Seeing Machines Limited

16 October 2023

Seeing Machines Limited ("Seeing Machines" or the "Company")

16 October 2023

Seeing Machines and RTX begin joint development of aviation fatigue detection solution

- Follows signing of exclusive license agreement to jointly develop pioneering eye-tracking solutions for the Aviation industry

- Non-recurring Engineering revenue (NRE) of US$2.65 million payable to Seeing Machines over 2 years covering product development and certification

- Seeing Machines and Collins to jointly market aviation fatigue detection product which is the first component of a potential multi-modal Pilot Support System

Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve safety, has signed a Purchase Agreement and Statement of Work ("Agreement") with Collins Aerospace ("Collins"), a Raytheon Technologies (NYSE: RTX) business, and a leader in technologically advanced and intelligent solutions for the global aerospace and defence industry. This joint development of a fatigue risk management solution using Seeing Machines technology, will be taken to the commercial aviation market segment by Collins.

Further to the previously signed Exclusive IP License Agreement and in addition to the associated US$10m license payment, this Agreement will be accompanied by US$2.65m in NRE to support joint development of the launch product.

Advances in automation technologies across Aviation have enabled significant efficiencies and enhanced safety in flight operations. However, even the most advanced, automated aircraft demand levels of pilot performance that test the boundaries of human cognitive and physical limitations. These potential human factors-based risks can be effectively mitigated by fatigue detection integrated into aircraft and designed to detect and react, in real-time, to pilot impairment or performance degradation.

The Agreement will see Collins lead systems integration of the functional design, based on Seeing Machines' embedded Driver Monitoring Engine (eDME) and optimised by the Company's Occula(R) Neural Processing Unit.

Seeing Machines CEO, Paul McGlone commented: "We are pleased to begin the development of this aviation fatigue detection solution targeting aviation and specifically fatigue risk management. Based on our deep understanding and application of human factors science, this initial capability will support pilots and crew for the foreseeable future, perhaps more than 20 years, across many different aircraft types. Working with Collins, the world's leading Tier 1 Avionics supplier, perfectly complements our foundational position across the aviation industry with proven application of eye-tracking technology and commercial deals across aircraft, simulator and console operators. I look forward to announcing the first deal involving this launch product and am confident that this will lead to many new and exciting opportunities as our joint technology solutions evolve over time."

Enquiries:

 
 Seeing Machines Limited                              [phone] 
 Paul McGlone - CEO 
  Sophie Nicoll - Corporate Communications 
 
 Stifel Nicolaus Europe Limited (Nominated 
  Adviser and Broker)                                [phone] 
 Alex Price 
  Fred Walsh 
  Nick Adams 
  Ben Burnett 
 
 Dentons Global Advisors (Media Enquiries) 
  James Styles 
  Jonathon Brill 
  Methuselah Tanyanyiwa 
  [e-mail]           [phone] 
 
 
 

About Seeing Machines (AIM: SEE), a global company founded in 2000 and headquartered in Australia, is an industry leader in vision-based monitoring technology that enable machines to see, understand and assist people. Seeing Machines is revolutionizing global transport safety. Its technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators. The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk. Reliable "driver state" measurement is the end-goal of Driver Monitoring Systems (DMS) technology. Seeing Machines develops DMS technology to drive safety for Automotive, Commercial Fleet, Off-road and Aviation. The company has offices in Australia, USA, Europe and Asia, and supplies technology solutions and services to industry leaders in each market vertical.

www.seeingmachines.com

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October 16, 2023 02:00 ET (06:00 GMT)