Seeing Machines Share News (SEE)

(Sharecast News) - Driver monitoring technology company Seeing Machines announced on Thursday that it has been appointed by an existing global automotive tier-1 supplier customer to deliver its 'FOVIO' driver and occupant monitoring system (DOMS).
The AIM-traded firm said the contract win was with a "leading" German automaker, and brought the total number of original equipment manufacturers (OEMs) with which it had won business to eight.

It said the programme would cover an "expansive" number of vehicle models with mass production scheduled from early 2024, and an initial lifetime value of AUD 125m (£67.53m).

While representing the largest awarded DOMS programme to date, there was also "significant" upside potential based on OEM expansion plans.

Seeing Machines said delivery would be via its "deeply embedded" FOVIO e-DME software library, configured for both driver and occupant state sensing, enabling a "rich set" of regulated and premium safety and convenience features.

"This award is special as it is underpinned by many of the key market tenets we have been planning for and investing in, to differentiate Seeing Machines," said Nick DiFiore, senior vice-president and general manager of automotive.

"This includes the rapid DMS market expansion due to automotive safety regulations including Euro NCAP and GSR, the move to combine occupant monitoring with driver monitoring for premium cabin features, and the need to achieve improved system cost, performance, and reliability at scale through smart system design, including advanced optical path developments and deeply embedded AI software using optimised accelerated heterogeneous processing.

"While this award affirms both our strategic and technology direction, and our continued leadership position in the automotive DOMS space, the size of the award also marks an unmistakable market turning point from DMS as a niche need for semi-autonomous driving safety to a mainstream 'Advanced Driver Assistance' (ADAS) imperative."

At 1158 GMT, shares in Seeing Machines were up 5.39% at 10.64p.