Seeing Machines Limited Seeing Machines announces US$30M European OEM win (3839X)

TIDMSEE

RNS Number : 3839X

Seeing Machines Limited

20 December 2023

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

20 December 2023

Seeing Machines appointed to deliver US$30M Automotive program for new European OEM customer

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 transport safety, announces its 17(th) Automotive program award with an existing European Tier-1 customer for a new European OEM.

The program will be delivered via the Company's FOVIO e-DME software library (embedded Driver Monitoring Engine) and is scheduled to start production in 2026, carrying an initial lifetime value of US$30M.

Initially targeting enhanced regulatory focused Driver Monitoring System (DMS) features, the program is expected to be implemented across multiple new car models and is already beginning to evolve into a generational opportunity featuring Driver and Occupant Monitoring (DMS/OMS) System functionality.

Nick DiFiore, SVP and GM of Automotive at Seeing Machines , commented: "I am delighted to be working with this new European OEM, part of a large global Automotive group where we are again proud to extend our incumbency. We continue to work closely with our small ecosystem of Tier-1 customers, where deep relationships underpin joint pursuit of business and ensure our ability to deliver, which is very important as regulatory deadlines in Europe fast approach. We also focus on being able to support our customers well into the future, so having the ability to expand feature sets, in this case to incorporate occupant monitoring at a minimum, is very pleasing."

Seeing Machines has now been appointed to deliver 17 expanding programs for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing Automotive programs to US$366M, with most of that revenue expected between now and 2028.

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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December 20, 2023 02:00 ET (07:00 GMT)