Seeing Machines Limited Automotive Program Extension to 2032

RNS Number : 7714M

Seeing Machines Limited

01 May 2024

 

 

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

 

 

1 May 2024

 

Automotive program extension to 2032 with existing North American Tier 1 and OEM, start of production this calendar year

 

Initial estimated incremental lifetime value of US$26m

 

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 a significant generational program extension with an existing North American Tier-1 customer and OEM.

 

The initial program, already in production, will expand to a total of 19 distinct vehicle models being sold in North America, Europe and China, and extend through 2032 based on the OEM's next generation Driver Monitoring System (DMS) solution utilising Seeing Machines' improved FOVIO Chip design delivering increased feature capability with reduced cost, power and size.  

 

This award extends to all of the OEM's European vehicle models in support of fast approaching Euro NCAP (New Car Assessment Program) and European GSR (General Safety Regulation) requirements and is scheduled to start production before the end of 2024 with an initial estimated incremental lifetime value of US$26m.

 

Nick DiFiore, SVP and GM of Automotive at Seeing Machines, commented: "I am delighted to be extending an important incumbency with this generational program extension, which benefits from our evolving FOVIO Chip technology supporting our Tier 1 and OEM customer's long-term needs related to safe semi-automated driving, driver safety regulation, and enhanced convenience features. Seeing Machines' commitment is firmly focused on building customer confidence by getting programs successfully to production and this new award demonstrates the confidence our customers have in our ability to do just that."

 

Seeing Machines has now been appointed to deliver 18 expanding programs for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing Automotive programs to US$392m, 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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