REG - Seeing Machines Ltd - Automotive Program Extension to 2032

Seeing MachinesAnnouncement

01/05/2024 07:15

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RNS Number : 7714M  Seeing Machines Limited  01 May 2024

 

Seeing Machines Limited ("Seeing Machines" or the "Company")

 

 

1 May 2024

 

Automotive program extension to 2032 with existing North American Tier 1 and
OEM, start of production this calendar year

 

Initial estimated incremental lifetime value of US$26m

 

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, announces a significant
generational program extension with an existing North American Tier-1 customer
and OEM.

 

The initial program, already in production, will expand to a total of 19
distinct vehicle models being sold in North America, Europe and China, and
extend through 2032 based on the OEM's next generation Driver Monitoring
System (DMS) solution utilising Seeing Machines' improved FOVIO Chip design
delivering increased feature capability with reduced cost, power and size.

 

This award extends to all of the OEM's European vehicle models in support of
fast approaching Euro NCAP (New Car Assessment Program) and European GSR
(General Safety Regulation) requirements and is scheduled to start production
before the end of 2024 with an initial estimated incremental lifetime value of
US$26m.

 

Nick DiFiore, SVP and GM of Automotive at Seeing Machines, commented: "I am
delighted to be extending an important incumbency with this generational
program extension, which benefits from our evolving FOVIO Chip technology
supporting our Tier 1 and OEM customer's long-term needs related to safe
semi-automated driving, driver safety regulation, and enhanced convenience
features. Seeing Machines' commitment is firmly focused on building customer
confidence by getting programs successfully to production and this new award
demonstrates the confidence our customers have in our ability to do just
that."

 

Seeing Machines has now been appointed to deliver 18 expanding programs for 11
individual OEM customers, building the cumulative initial lifetime value of
all ongoing Automotive programs to US$392m, with most of that revenue expected
between now and 2028.

 

 

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

 Fred Walsh

 Nick Adams

 Ben Burnett

 Dentons Global Advisors (Media Enquiries)           +44 20 7664 5095

 James Styles

Jonathon Brill

 Methuselah Tanyanyiwa

 seeingmachines@dentonsglobaladvisors.com
 (mailto:seeingmachines@dentonsglobaladvisors.com)

 

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 is revolutionizing global transport safety. Its 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 (http://www.seeingmachines.com)

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