(Sharecast News) - Driver monitoring technology specialist Seeing Machines has secured contracts with three prominent commercial and bus manufacturers in Europe and the UK, it announced on Wednesday.
The AIM-traded firm said the manufacturers had chosen its new Guardian Generation 3 driver safety system.
It said the contracts came as Europe prepared to implement its general safety regulation (GSR), covering a range of vehicles including cars, vans, trucks and buses from July.
Seeing Machines said it was planning to roll out Guardian Generation 3 during the fourth quarter of the 2024 financial year, from April to June.
The rollout would encompass six heavy vehicle models across five distinct manufacturing locations in collaboration with the original equipment manufacturer (OEM) customers.
It said the initial emphasis would be on achieving compliance with driver drowsiness and attention warning (DDAW), followed by advanced driver distraction warning (ADDW).
The partnerships represented a substantial opportunity, with an estimated annual volume of around 3,000 vehicles based on initial order quantities.
"Being appointed by three major manufacturers underscores the effectiveness and reliability of Guardian Generation 3 and is testament to the class-leading, AI-driven technology we have developed over the past 20 years for the fleet sector," said chief executive officer Paul McGlone.
"We continue working with many manufacturers in Europe and the UK as regulatory deadlines approach, to ensure we can support the after manufacture segment, in addition to commercial vehicle operators, to enhance driver safety.
"We are proud to contribute to the broader mission of promoting road safety in compliance with the European Commission's general safety regulation."
At 1155 GMT, shares in Seeing Machines were up 2.75% at 5.48p.
Reporting by Josh White for Sharecast.com.
Seeing Machines (SEE)