Last checked at 16 Dec 2021 07:00
This announcement contains inside information
Seeing Machines Limited
16 December 2021
Largest Driver and Occupant Monitoring System award with OEM #8
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 customer and global Automotive Tier-1 supplier to deliver its FOVIO Driver and Occupant Monitoring System (OMS). This contract win is with a leading German Automaker and brings the total OEMs with which Seeing Machines has won business to eight.
This program covers an expansive number of vehicle models with mass production scheduled from early 2024 and an initial lifetime value of A$125 million. While representing the largest awarded DMS program to date, there also remains significant upside potential based on OEM expansion plans. Delivery is via the Company's deeply embedded Driver Monitoring Engine (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.
Seeing Machines continues to grow as an automotive technology leader in Driver and Occupant Monitoring Systems, having won a total of 11 automotive programs for 8 individual OEMs, spanning an estimated 95 vehicle models. Delivered with a range of proven global automotive Tier-1 customer/partners, the cumulative initial lifetime value of all Seeing Machines won programs stands at more than A$325 million.
Nick DiFiore, SVP and GM Automotive commented:
"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. 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 optimized accelerated heterogeneous processing.
While this award affirms both our strategic and technology direction, and our continued leadership position in the automotive DMS/OMS 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."
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 | ||
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