Last checked at 4 Jun 2018 07:00
Seeing Machines Limited
Automotive design win with US OEM for FOVIO chip
4 June 2018
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Group"), an industry leader in computer vision technologies which enable machines to see, understand and assist people, has secured a program design win, working with a major Tier 1 partner, with a global US-headquartered automotive OEM. As a result of the design win, the Group expects to deliver its FOVIO driver monitoring technology into multiple vehicle platforms for mass production from 2020.
The estimated revenue value of this program is over A$50M based on initial included models and lifetime volume projections. The first material production revenue is expected to be recognised in Seeing Machines' 2021 financial year. There also remains potential for further program growth based on additional vehicle models added during the program. Alongside the previously announced launch of General Motors' Cadillac Super Cruise system and contract wins associated with two premium German OEMs, this brings Seeing Machines' automotive customer base to six global Tier 1s and four OEMs with numerous new vehicle models launching in the 2020-2022 timeframe.
This design win is also a significant milestone as it launches the Seeing Machines FOVIO Chip.
Seeing Machines has leveraged over 15 years of innovation and industry experience to optimise its market leading FOVIO Driver Monitoring Engine onto an automotive grade chip. The deployment of the chip-based technology puts the Group in an excellent position to scale its driver monitoring business across a wide range of transport sectors, with notable benefits in the speed of implementation and reduced incremental cost.
Seeing Machines' FOVIO driver monitoring platform uses advanced machine vision technology to precisely measure and analyse head pose, eyelid movements and eye-gaze under a full spectrum of demanding lighting conditions, including through sunglasses. This data is processed to deliver real-time information on driver attention state, focus, drowsiness and impairment levels. DMS (driver monitoring system) technology is typically used to enable intelligent ADAS (advanced driver assistance systems) and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.
Nick DiFiore, SVP & General Manager of Automotive, commented: "Our fourth automotive OEM design win has been by far the largest and fastest, which is a clear indication of the acceleration of OEM awareness and their urgency to deploy our technology to meet rapidly growing demands associated with driver safety and automated driving. Delivering this program on our FOVIO chip is also a big step forward for us, demonstrating our ability to service more of the automotive market at an increasing pace, working with our growing ecosystem of Tier 1 partners. I'd like to personally thank and congratulate our engineering team who have worked tirelessly to make the FOVIO chip possible."
Enquiries:
Seeing Machines Limited | www.seeingmachines.com / +61 2 6103 4700 |
Ken Kroeger, Executive Chairman & Interim CEO Media inquiries
| Ken.Kroeger@seeingmachines.com Sophie.Nicoll@seeingmachines.com |
Cenkos Securities plc (Nominated Adviser and Joint Broker) | +44 131 220 6939 |
Neil McDonald Beth McKiernan Pete Lynch | |
Canaccord Genuity Limited (Joint Broker) | +44 20 7523 8000 |
Simon Bridges Richard Andrews Alexander Napier |
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
About Seeing Machines
Seeing Machines (LSE: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its FOVIO machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes for Driver Monitoring Systems (DMS), which monitor driver attention state including drowsiness and distraction. DMS is increasingly considered a core automotive safety technology as well as an enabling technology for ADAS/Autonomous Driving. The Company's pioneering commercial fleet solution (Guardian) delivers an after-market, in-cabin safety intervention system with 24/7 monitoring and cloud analytics services delivered on a telematics SaaS basis. The Company also serves Aviation, Rail and Off-Road markets, and they are seeking to innovate in new markets. Based in Canberra, Australia with the intention to grow in the USA and Europe, the Company delivers multi-platform solutions from embedded software and processors to aftermarket system and service solutions to industry leaders globally. www.seeingmachines.com.