Sales to both mining and transport customers in the current financial year have hit record levels at Seeing Machines (LON:SEE).
On the last day of its financial year, the AIM-listed technology company with a focus on operator monitoring and intervention sensing technology and services, revealed that full-year revenue should be around 40% higher than last year.
Most of that growth has been on the back of the increasing adoption within the mining and transportation sectors of its DSS driver fatigue monitoring technology, but the company has big plans to branch out, offering new capabilities to customers.
Having tapped the market for £16mln towards the end of last year, the group has decided where and how that money will be invested in the growth of the business over the next 12 to 24 months.
In mining, there will be substantial investment to ensure that dealers who sell mining equipment from industry giant Caterpillar deliver significant revenue growth, cementing Seeing Machines' leadership position in this market.
In the automotive sector, the company is currently working with multi-national original equipment manufacturer (OEM) on the possibility of Seeing Machines' technology being brought to the automotive sector in volume, on lower-cost automotive grade hardware.
Partnerships will be at the core of the company's assault on other industry sectors, with the group targeting the commercial road transport, rail and simulation (including aviation) markets.
The company is investigating further industry opportunities with segment leaders outside of operator monitoring and intervention that are aligned to licensing/royalty relationships.
Detailed market research has been used to support the company's strategic and business planning process.
While the organisation will continue to work on computer vision based algorithmic performance, it will also extend its real-time monitoring competencies to include a broader range of intelligent sensing technologies and interpretation capability.
All of the above has required significant investment, with more to come, and while this should provide fuel for revenue growth in the years to come it will also result in pre-tax losses for the financial year just ending and also the year to 30 June 2015.
"Seeing Machines has made the conscious decision to enter only markets where it can achieve and maintain a leadership position. This will be achieved through selection of the right partners, working with them to develop a clear understanding of the market's requirements and expectations, and by taking new joint solutions to market the best way possible," said Ken Kroger, chief executive officer of Seeing Machines.