REG - Seeing Machines Ltd - Development of aviation fatigue detection solution

Seeing MachinesAnnouncement

16/10/2023 07:00

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RNS Number : 1093Q  Seeing Machines Limited  16 October 2023

 

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

 

 

16 October 2023

 

Seeing Machines and RTX begin joint development of aviation fatigue detection
solution

 

-     Follows signing of exclusive license agreement to jointly develop
pioneering eye-tracking solutions for the Aviation industry

-     Non-recurring Engineering revenue (NRE) of US$2.65 million payable
to Seeing Machines over 2 years covering product development and certification

-     Seeing Machines and Collins to jointly market aviation fatigue
detection product which is the first component of a potential multi-modal
Pilot Support System

 

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 safety, has signed a Purchase Agreement and
Statement of Work ("Agreement") with Collins Aerospace ("Collins"), a Raytheon
Technologies (NYSE: RTX) business, and a leader in technologically advanced
and intelligent solutions for the global aerospace and defence industry. This
joint development of a fatigue risk management solution using Seeing Machines
technology, will be taken to the commercial aviation market segment by
Collins.

 

Further to the previously signed Exclusive IP License Agreement and in
addition to the associated US$10m license payment, this Agreement will be
accompanied by US$2.65m in NRE to support joint development of the launch
product.

 

Advances in automation technologies across Aviation have enabled significant
efficiencies and enhanced safety in flight operations. However, even the most
advanced, automated aircraft demand levels of pilot performance that test the
boundaries of human cognitive and physical limitations. These potential human
factors-based risks can be effectively mitigated by fatigue detection
integrated into aircraft and designed to detect and react, in real-time, to
pilot impairment or performance degradation.

 

The Agreement will see Collins lead systems integration of the functional
design, based on Seeing Machines' embedded Driver Monitoring Engine (eDME) and
optimised by the Company's Occula® Neural Processing Unit.

 

Seeing Machines CEO, Paul McGlone commented: "We are pleased to begin the
development of this aviation fatigue detection solution targeting aviation and
specifically fatigue risk management. Based on our deep understanding and
application of human factors science, this initial capability will support
pilots and crew for the foreseeable future, perhaps more than 20 years, across
many different aircraft types. Working with Collins, the world's leading Tier
1 Avionics supplier, perfectly complements our foundational position across
the aviation industry with proven application of eye-tracking technology and
commercial deals across aircraft, simulator and console operators. I look
forward to announcing the first deal involving this launch product and am
confident that this will lead to many new and exciting opportunities as our
joint technology solutions evolve over time."

 

 

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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