REG - Seeing Machines Ltd - Seeing Machines awarded additional OEM program

Seeing MachinesAnnouncement

16/06/2022 07:00

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RNS Number : 1114P  Seeing Machines Limited  16 June 2022

This announcement contains inside information

 

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

 

 

16 June 2022

 

Seeing Machines appointed by global Tier 1 customer to deliver DMS for
additional OEM program

 

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 been appointed by an
existing global automotive Tier-1 customer to deliver its FOVIO Driver
Monitoring System (DMS) for a large global automotive group (OEM).

 

This program, to be delivered via Seeing Machines' embedded Driver Monitoring
Engine (FOVIO e-DME software library), is led out of North America and covers
a broad array of vehicle models with certain minimum volume guarantees, a
start of production scheduled from mid-2024, and an initial lifetime value of
A$23 million.

 

Representing a broad generational expansion of the Company's FOVIO DMS
technology deployment with an existing OEM customer, the program will target
safe level 2-3 semi-autonomous driving and anticipated regulatory
requirements.

 

Seeing Machines continues to grow as an automotive technology leader in Driver
and Occupant Monitoring Systems, having now won a total of 14 automotive
programs spanning 10 individual OEMs, covering more than 120 distinct vehicle
models. Delivered with an increasingly rich mix of proven global automotive
Tier-1 customers and partners, the cumulative initial lifetime value of all
OEM programs that Seeing Machines has won to date now stands at A$395 million.
Automotive royalty revenues increased by 170% to A$2.1m during the first half
of the financial year and the Company expects to announce continued strong
progress in its full year trading update in August 2022.

 

Nick DiFiore, SVP and GM Automotive commented:

 

"We are delighted to be partnered with such a capable Tier 1, whom we just
recently announced as a new customer for another win. I'm especially proud of
our sales, engineering, and innovation teams, who continually demonstrate an
ability to bring unique value to our customers, resulting in accelerating wins
and an increasing market share position. It is also very pleasing to see our
start of production numbers expand significantly as cars and trucks with our
technology continue to hit the road. We now have over 340,000 cars on the road
and expect that to more than double over the next year, significantly
improving our margins with a more favorable royalty revenue mix."

 

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

 Nick Adams

 Ross Poulley

 Lionsgate Communications (Media Enquiries)  +44 7791 892509

 Jonathan Charles

The person responsible for this announcement is Paul McGlone.

 

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' 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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