(Sharecast News) - Driver monitoring technology developer Seeing Machines has been appointed by an existing tier-one customer to deliver its 'FOVIO' driver and occupant monitoring system (DMS/OMS), it announced on Thursday.
The AIM-traded firm said the contract was for an additional programme with an existing, "large" unnamed Europe-based global automotive original equipment manufacturer (OEM) customer.
It said the programme, to be delivered via its embedded FOVIO driver monitoring engine (DME) software library, was geared to lower integration costs, and would "substantially extend" DMS and OMS reach across a range of vehicle models, including entry-level vehicles, while addressing both regulatory requirements and in-cabin comfort and convenience features.
The programme would carry an initial lifetime value of $32m, and was scheduled to start production in 2024.
"This is a great example of our existing tier-one and OEM relationships and cooperation leading to the increasingly extended reach of our technology across the global passenger vehicle landscape, which is not only driven by driver safety regulation but also an increasing demand for interior monitoring systems extending the comfort, convenience, and safety of all vehicle occupants," said Nick DiFiore, senior vice-president and general manager of automotive at Seeing Machines.
At 1321 GMT, shares in Seeing Machines were down 0.14% at 6.24p.
Reporting by Josh White for Sharecast.com.
Seeing Machines (SEE)