Seeing Machines Limited Seeing Machines announces US$30M European OEM win (3839X)
December 20 2023 - 2:00AM
UK Regulatory
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 +61 2 6103 4700
Paul McGlone - CEO
Sophie Nicoll - Corporate Communications
Stifel Nicolaus Europe Limited (Nominated
Adviser and Broker) +44 20 7710 7600
Alex Price
Fred Walsh
Nick Adams
Ben Burnett
Dentons Global Advisors (Media Enquiries)
James Styles
Jonathon Brill
Methuselah Tanyanyiwa
seeingmachines@dentonsglobaladvisors.com +44 20 7664 5095
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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