REG - Seeing Machines Ltd - Exclusive Agreement Signed with Collins Aerospace

Seeing MachinesAnnouncement

16/05/2023 07:00

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RNS Number : 5463Z  Seeing Machines Limited  16 May 2023

 

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

 

 

16 May 2023

 

Seeing Machines signs exclusive agreement with Collins Aerospace

 

-     Exclusive licence to jointly develop pioneering eye-tracking
solutions for the Aviation industry

-     Seeing Machines to receive a licence payment of US$10 million, over
three years, as part of the Agreement

-     Collins Aerospace is the world's largest Tier 1 Avionics company

 

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 signed an exclusive,
perpetual licence Agreement ("Agreement") with a Collins Aerospace  entity in
Burnsville, Minnesota, ("Collins"), a Raytheon Technologies (NYSE: RTX)
business and a leader in technologically advanced and intelligent solutions
for the global aerospace and defence industry.

 

Under the Agreement, the companies will work together to jointly market and
deliver innovative AI-powered eye-tracking solutions to the global Aviation
industry, enhancing safety and better supporting pilots with mission critical
fatigue detection solutions. The Agreement builds on the successful
collaboration between the two companies announced on 15 November 2021 in order
to access the significant opportunity across aircraft and simulators of over
US$700 million in the next 20 years, and to develop revolutionary fatigue
management technology solutions to increase safety across the aerospace
sector.

 

In return for Seeing Machines granting perpetual exclusivity to Collins for
Aviation and Space fields of use, Collins will make an upfront payment to the
Company of US$3 million, with the additional US$7 million payable over the
following two years. Further, Collins will pay Seeing Machines non-recurring
engineering (NRE) payments to develop the solutions, evolving into potential
future royalty payments as shipsets are released to customers.

 

Collins is accelerating innovation by bringing together the companies'
collective expertise in navigation, communication, sensor technology, flight
controls and aviation system design. Pilot support solutions help to monitor
and mitigate fatigue and reduce the potential for human error.

 

Troy Brunk, President of Avionics at Collins Aerospace stated: "This agreement
with Seeing Machines allows Collins Aerospace to further enhance our
solutions. Seeing Machines' cutting-edge technology, coupled with our
expertise in avionics and flight controls will help deliver innovative
products that address the evolving needs of our customers. It is a testament
to our commitment to ensuring the safety of pilots, flight crews and
passengers."

 

Seeing Machines continues to lead the world in eye-tracking solutions for the
Aviation industry with commercial deals across aircraft, simulator, and
console operators. This Agreement further strengthens the Company's leading
status within the sector, as Collins leverages the breadth of their
capabilities to integrate this technology into its suite of solutions to solve
safety critical problems facing the world's airlines. Partnering with the
world's largest and most progressive Avionics Tier 1 company cements Seeing
Machines' position at the heart of fatigue management in global Aviation, with
the ability to implement its unique eye-tracking technology, at scale, with
some of the world's most sophisticated and respected brands.

 

Seeing Machines CEO, Paul McGlone commented: "Over the past five years, Seeing
Machines has shaped the eye-tracking market for Aviation, working with some of
the world's largest companies to develop and implement our leading interior
sensing technology. We are now in a position to immediately exploit our
significant existing pipeline of business opportunities by bringing these
solutions to market through this transformational partnership with the world's
leading Avionics supplier. Our business operates with high barriers to entry
and we have been uncontested in this space to date, so the timing could not be
better. Being able to deliver for our customers, on a scale we could not do
independently, demonstrates the enduring strengths of our differentiated,
high-quality operating model, the superiority of our proprietary technology
and our focus on delivering value for the benefit of all stakeholders."

 

 

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

 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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