REG - Seeing Machines Ltd - Seeing Machines announces US$30M European OEM win

Seeing MachinesAnnouncement

20/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231220:nRST3839Xa&default-theme=true

RNS Number : 3839X  Seeing Machines Limited  20 December 2023

 

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

 

 

20 December 2023

 

Seeing Machines appointed to deliver US$30M Automotive program for new
European OEM customer

 

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 its 17(th)
Automotive program award with an existing European Tier-1 customer for a new
European OEM.

 

The program will be delivered via the Company's FOVIO e-DME software library
(embedded Driver Monitoring Engine) and is scheduled to start production in
2026, carrying an initial lifetime value of US$30M.

 

Initially targeting enhanced regulatory focused Driver Monitoring System (DMS)
features, the program is expected to be implemented across multiple new car
models and is already beginning to evolve into a generational opportunity
featuring Driver and Occupant Monitoring (DMS/OMS) System functionality.

 

Nick DiFiore, SVP and GM of Automotive at Seeing Machines, commented: "I am
delighted to be working with this new European OEM, part of a large global
Automotive group where we are again proud to extend our incumbency. We
continue to work closely with our small ecosystem of Tier-1 customers, where
deep relationships underpin joint pursuit of business and ensure our ability
to deliver, which is very important as regulatory deadlines in Europe fast
approach. We also focus on being able to support our customers well into the
future, so having the ability to expand feature sets, in this case to
incorporate occupant monitoring at a minimum, is very pleasing."

 

Seeing Machines has now been appointed to deliver 17 expanding programs for 11
individual OEM customers, building the cumulative initial lifetime value of
all ongoing Automotive programs to US$366M, 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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPGCPPUPWUUU