Seeing Machines Limited Sixth Automotive OEM Design Win (4116Q)

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RNS Number : 4116Q

Seeing Machines Limited

19 February 2019

19 February 2019

Seeing Machines Limited

Sixth Automotive OEM Design Win

Seeing Machines (AIM: SEE, "Seeing Machines" or the "Group"), the advanced computer vision technology company that designs AI powered operator monitoring systems to improve transport safety, has secured a new program design win with an additional global US-headquartered automotive OEM to deliver the Group's Driver Monitoring System (DMS) technology.

Seeing Machines is working alongside a major Tier 1 partner to deliver the new program via its highly scalable FOVIO Chip, with mass production scheduled from late 2020, and an estimated lifetime revenue of A$6M for the initially planned car models. While classified as a small value program (according to previously provided guidelines), this initial OEM win is considered strategic with a significant potential for volume/model expansion with increasing demand for driver monitoring systems, globally. It should be noted that 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.

The Group now has volume DMS production programs spanning a broad range of car models across a total of six OEMs globally, including three major US based automotive manufacturers.

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 (advanced driver assistance systems) and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.

Nick DiFiore, GM of Automotive at Seeing Machines, commented:

"We are more than pleased to announce volume production wins now with three major US based automakers, and six OEMs globally, including further deployment of our FOVIO DMS Chip solution. We see this as a further endorsement of our technology leadership and a reflection of the growing effectiveness of the close Tier-1 partnerships, in which we have invested.

"We also continue to see substantial and growing demand for our DMS technology around the world, as regulation accelerates recognition of the key role it plays in improving safety across all transport sectors."

Enquiries:

 
 Seeing Machines Limited www.seeingmachines.com     [phone] 
 Ken Kroeger, Executive Chairman & CEO 
  Sophie Nicoll, VP Marketing & Communications 
 
   Cenkos Securities plc (Nominated Adviser and 
   Joint Broker) 
   Neil McDonald/Beth McKiernan/Pete Lynch         [phone] 
 
   Canaccord Genuity Limited (Joint Broker)        [phone] 
 Simon Bridges/Richard Andrews 
 
   Instinctif Partners                             [phone] 
 Kay Larsen/Chantal Woolcock/Adrian Duffield 
 

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), a global company headquartered in Australia, is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company's machine learning vision platform has the know-how to deliver real-time understanding of drivers through Artificial Intelligence (AI) analysis of heads, faces and eyes. This insight enables Driver Monitoring Systems (DMS), which monitor driver/operator attention and can identify drowsiness and distraction across multiple transport sectors.

Seeing Machines develops DMS for the Automotive, Commercial Fleet, Aviation, Rail and Off-Road markets. The Company has offices in Australia, USA, Europe and Asia, and delivers multi-platform solutions ranging from embedded software and processors to aftermarket system and service solutions to industry leaders in each vertical.

DMS is now considered a core safety technology for the Automotive industry, particularly with the development of semi-autonomous and self-driving cars. DMS is also increasingly seen to be an integral safety feature across the Commercial Transport & Logistics industry globally. www.seeingmachines.com

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February 19, 2019 02:00 ET (07:00 GMT)