Seeing Machines Ltd

Seeing Machines awarded additional OEM program

RNS Number : 1114P
Seeing Machines Limited
16 June 2022
 

This announcement contains inside information

 

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

 

 

16 June 2022

 

Seeing Machines appointed by global Tier 1 customer to deliver DMS for additional OEM program

 

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, has been appointed by an existing global automotive Tier-1 customer to deliver its FOVIO Driver Monitoring System (DMS) for a large global automotive group (OEM).

 

This program, to be delivered via Seeing Machines' embedded Driver Monitoring Engine (FOVIO e-DME software library), is led out of North America and covers a broad array of vehicle models with certain minimum volume guarantees, a start of production scheduled from mid-2024, and an initial lifetime value of A$23 million.

 

Representing a broad generational expansion of the Company's FOVIO DMS technology deployment with an existing OEM customer, the program will target safe level 2-3 semi-autonomous driving and anticipated regulatory requirements.

 

Seeing Machines continues to grow as an automotive technology leader in Driver and Occupant Monitoring Systems, having now won a total of 14 automotive programs spanning 10 individual OEMs, covering more than 120 distinct vehicle models. Delivered with an increasingly rich mix of proven global automotive Tier-1 customers and partners, the cumulative initial lifetime value of all OEM programs that Seeing Machines has won to date now stands at A$395 million. Automotive royalty revenues increased by 170% to A$2.1m during the first half of the financial year and the Company expects to announce continued strong progress in its full year trading update in August 2022.

 

Nick DiFiore, SVP and GM Automotive commented:

 

"We are delighted to be partnered with such a capable Tier 1, whom we just recently announced as a new customer for another win. I'm especially proud of our sales, engineering, and innovation teams, who continually demonstrate an ability to bring unique value to our customers, resulting in accelerating wins and an increasing market share position. It is also very pleasing to see our start of production numbers expand significantly as cars and trucks with our technology continue to hit the road. We now have over 340,000 cars on the road and expect that to more than double over the next year, significantly improving our margins with a more favorable royalty revenue mix."

 

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

Nick Adams

Ross Poulley

 

 

 

Lionsgate Communications (Media Enquiries)

Jonathan Charles

+44 7791 892509

 

 

The person responsible for this announcement is Paul McGlone.

 

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' 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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