Share Name Share Symbol Market Type Share ISIN Share Description
Seeing Machines LSE:SEE London Ordinary Share AU0000XINAJ0 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.60p +8.16% 7.95p 7.80p 8.10p 8.15p 7.25p 7.35p 10,173,704 15:13:40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 18.8 -0.9 -0.1 - 178.11

Seeing Machines Limited European Commission Agenda Affirms SEE Tech

18/05/2018 10:14am

UK Regulatory (RNS & others)


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Seeing Machines Limited

18 May 2018

Seeing Machines Limited

EC Safety Agenda Bolsters Importance of Driver Monitoring Technology

18 May 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, was pleased to note the key recommendations of the European Commission issued in Brussels yesterday for "Europe on the Move: Commission completes its agenda for safe, clean and connected mobility".

Focused on the mobility sector, the Commission has put forward measures to lead an integrated policy for the future of road safety, with specific proposals to mandate that new models of vehicles are equipped with advanced safety features.

Seeing Machines welcomes this move as a significant advancement beyond the recent Euro NCAP "Pursuit of Vision Zero" Roadmap 2025, which identified Driver Monitoring Systems ("DMS"), which monitor operator attention state including drowsiness and distraction, as a primary safety feature, required by 2020 for any new on-road vehicle to achieve a full safety rating.

"Europe on the Move" will see all new cars, vans, trucks and buses sold in Europe fitted, as standard, with drowsiness and distraction monitoring, among 11 key safety features.

Seeing Machines' platform technology has the know-how to deliver real-time understanding of drivers and operators through tracking of heads, faces and eyes for DMS across multiple transport sectors to enhance safety.

Seeing Machines is already well established in the commercial fleet market with over 15,000 connected driver monitoring systems through the Off-Road (mining) sector, licensed exclusively to Caterpillar globally, and the commercial fleet and transport market. Guardian, the Company's fleet solution, is a retrofit technology that detects and minimises driver fatigue and distraction events and associated accidents in commercial fleet applications.

The Company's automotive DMS forms an integral part of General Motors' industry leading Super Cruise hands-free driving system for the highway, ensuring safe and confident vehicle operation. Further to this, Seeing Machines is currently working with two premium German OEMs to deliver driver monitoring for models due to start production from 2021.

Seeing Machines is a world leader in, and one of only a few technology companies which is already reliably supplying, automotive grade DMS. This development will have a significant impact on OEMs in automotive and heavy vehicle manufacturing and the Company expects that there will be an extremely positive impact on its near and long-term business outlook as a result.

Ken Kroeger, Chairman and CEO of Seeing Machines commented: "We are delighted with this news and have been waiting for some time for governments to formally recognise the importance of driver monitoring technology as a safety feature in advanced driver assistance systems. We believe Seeing Machines is best placed to supply automotive grade DMS and we look forward to shaping the future of safety with automotive and heavy vehicle manufacturers and suppliers for road users around the world."

Enquiries:

 
 Seeing Machines Limited             www.seeingmachines.com 
                                      / +61 2 6103 4700 
 Ken Kroeger, Executive Chairman     Ken.Kroeger@seeingmachines.com 
  & Interim CEO                       Sophie.Nicoll@seeingmachines.com 
  Media inquiries 
 Cenkos Securities plc (Nominated 
  Adviser and Joint Broker)          +44 131 220 6939 
 Neil McDonald 
  Beth McKiernan 
  Pete Lynch 
 
 Canaccord Genuity Limited 
  (Joint Broker)                     +44 20 7523 8000 
 Simon Bridges 
  Richard Andrews 
  Alexander Napier 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 18, 2018 05:14 ET (09:14 GMT)

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