Seeing Machines Limited Sixth Automotive OEM Design Win (4116Q)
February 19 2019 - 1:00AM
UK Regulatory
TIDMSEE
RNS Number : 4116Q
Seeing Machines Limited
19 February 2019
19 February 2019
Seeing Machines Limited
Sixth Automotive OEM Design Win
Seeing Machines (AIM: SEE, "Seeing Machines" or the "Group"),
the advanced computer vision technology company that designs AI
powered operator monitoring systems to improve transport safety,
has secured a new program design win with an additional global
US-headquartered automotive OEM to deliver the Group's Driver
Monitoring System (DMS) technology.
Seeing Machines is working alongside a major Tier 1 partner to
deliver the new program via its highly scalable FOVIO Chip, with
mass production scheduled from late 2020, and an estimated lifetime
revenue of A$6M for the initially planned car models. While
classified as a small value program (according to previously
provided guidelines), this initial OEM win is considered strategic
with a significant potential for volume/model expansion with
increasing demand for driver monitoring systems, globally. It
should be noted that volume projections can change materially and,
as is typical in automotive industry contracts, there are no
guarantees on the level of overall revenues beyond engineering
milestone payments.
The Group now has volume DMS production programs spanning a
broad range of car models across a total of six OEMs globally,
including three major US based automotive manufacturers.
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 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, GM of Automotive at Seeing Machines,
commented:
"We are more than pleased to announce volume production wins now
with three major US based automakers, and six OEMs globally,
including further deployment of our FOVIO DMS Chip solution. We see
this as a further endorsement of our technology leadership and a
reflection of the growing effectiveness of the close Tier-1
partnerships, in which we have invested.
"We also continue to see substantial and growing demand for our
DMS technology around the world, as regulation accelerates
recognition of the key role it plays in improving safety across all
transport sectors."
Enquiries:
Seeing Machines Limited www.seeingmachines.com +61 2 6103 4700
Ken Kroeger, Executive Chairman & CEO
Sophie Nicoll, VP Marketing & Communications
Cenkos Securities plc (Nominated Adviser and
Joint Broker)
Neil McDonald/Beth McKiernan/Pete Lynch +44 131 220 6939
Canaccord Genuity Limited (Joint Broker) +44 20 7523 8000
Simon Bridges/Richard Andrews
Instinctif Partners +44 20 7457 2077
Kay Larsen/Chantal Woolcock/Adrian Duffield
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), a global company headquartered in
Australia, is an industry leader in computer vision technologies
which enable machines to see, understand and assist people. The
Company's machine learning vision platform has the know-how to
deliver real-time understanding of drivers through Artificial
Intelligence (AI) analysis of heads, faces and eyes. This insight
enables Driver Monitoring Systems (DMS), which monitor
driver/operator attention and can identify drowsiness and
distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial
Fleet, Aviation, Rail and Off-Road markets. The Company has offices
in Australia, USA, Europe and Asia, and delivers multi-platform
solutions ranging from embedded software and processors to
aftermarket system and service solutions to industry leaders in
each vertical.
DMS is now considered a core safety technology for the
Automotive industry, particularly with the development of
semi-autonomous and self-driving cars. DMS is also increasingly
seen to be an integral safety feature across the Commercial
Transport & Logistics industry globally.
www.seeingmachines.com
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END
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