Proactiveinvestors USA & Canada Seeing Machines Limited https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Seeing Machines Limited RSS feed en Tue, 23 Apr 2019 23:08:26 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Seeing Machines raises £31.57mln to leverage market opportunities ]]> https://www.proactiveinvestors.com/companies/news/218948/seeing-machines-raises-3157mln-to-leverage-market-opportunities-218948.html Seeing Machines Limited (LON:SEE) has raised £31.57mln following a placing, a subscription and an offer of new shares.

The firm, which develops operator monitoring technology for vehicles including cars and aircraft, said it had raised £27.77mln in a placing and a subscription of new shares from various directors, which were announced on 20 March and 22 March respectively, while the remaining £3.8mln had been raised through an offer to qualifying existing shareholders.

READ: Seeing Machines clinches new design win for FOVIO monitoring tech with US auto OEM

The placing price for the shares was 3p each, a 35% discount to the closing price on 19 March.

At the time the placing was announced, Seeing Machines said the proceeds would be used to develop its core platform as well as increasing the headcount of its research and development team and scaling up its Automotive division.

Ken Kroeger, chief executive of Seeing Machines, said the funds would be “instrumental” in ensuring the company could continue to leverage market opportunities as they “rapidly grow and evolve”.

"We are very pleased with the continued support of our shareholders. The automotive and fleet sectors are increasingly recognising the risks posed by driver inattention and fatigue in single vehicles as well as across commercial and passenger transport. Our industry leading driver monitoring technology … has been consistently validated through regulatory and government recommendations globally.”

The company also said that all resolutions put to shareholders in its general meeting on Tuesday had been duly passed.

In mid-morning trading on Tuesday, Seeing Machines shares were steady at around 3.1p.

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Tue, 23 Apr 2019 10:50:00 -0400 https://www.proactiveinvestors.com/companies/news/218948/seeing-machines-raises-3157mln-to-leverage-market-opportunities-218948.html
<![CDATA[RNS press release - Result of GM, Offer and Total Voting Rights ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190423083455_14048066/ Tue, 23 Apr 2019 03:34:55 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190423083455_14048066/ <![CDATA[RNS press release - Automotive deal with Joyson for US OEM ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190410070005_14035150/ Wed, 10 Apr 2019 02:00:05 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190410070005_14035150/ <![CDATA[RNS press release - Seeing Machines partners with Australian insurer ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190405070005_14029981/ Fri, 05 Apr 2019 02:00:05 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190405070005_14029981/ <![CDATA[Media files - Seeing Machines talk development strategy after successful capital raise ]]> https://www.proactiveinvestors.com/companies/stocktube/12846/seeing-machines-talk-development-strategy-after-successful-capital-raise-12846.html Wed, 03 Apr 2019 11:33:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12846/seeing-machines-talk-development-strategy-after-successful-capital-raise-12846.html <![CDATA[RNS press release - Issue of Equity and Total Voting Rights ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190402120134_14025697/ Tue, 02 Apr 2019 07:01:34 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190402120134_14025697/ <![CDATA[RNS press release - Posting of Offer Documents & Notice of GM ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190325140027_14014649/ Mon, 25 Mar 2019 10:00:27 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190325140027_14014649/ <![CDATA[RNS press release - Subscription by Directors & Senior Management ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190322070005_14011739/ Fri, 22 Mar 2019 03:00:05 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190322070005_14011739/ <![CDATA[News - Seeing Machines raises £27.5mln as Caterpillar royalties drive first-half gross profit growth ]]> https://www.proactiveinvestors.com/companies/news/216850/seeing-machines-raises-275mln-as-caterpillar-royalties-drive-first-half-gross-profit-growth-216850.html Seeing Machines Limited (LON:SEE) revealed it has raised A$51.3mln (£27.5mln) from investors to help it take advantage of the growing demand for driver monitoring systems as the AIM-listed firm reported its first-half results.

The company, whose technology tracks eye movements to make sure drivers are paying attention, has issued 916.7mln new shares at 3p a piece – below yesterday’s closing price of 4.6p. Shares fell 30% to 3.2p to reflect that discount. Among the participants was its largest shareholder, VS International.

WATCH: Seeing Machines talk development strategy after successful capital raise

Seeing Machines said it is to offer certain other existing shareholders the chance to buy shares at the same price, which, if fully taken-up, will raise another A$12.7mln (£6.8mln).

The new shares, if all are issued, could account for around half of the company’s total share capital.

“The proceeds from this fundraise will enable us to further develop and build on our leading market position within the driver monitoring technology market, whilst funding the Group to deliver on its substantial pipeline of existing and anticipated OEM programs,” said chief executive Ken Kroeger.

“We believe DMS will continue to become a more integral part of global transport safety standards, as demand for it is driven by the end customers, OEMs and industry legislation.”

Caterpillar royalties drive gross profits higher

The fundraise came as Seeing Machines reported higher half-year gross profits, thanks to a sharp rise in royalties collected from Caterpillar Inc (NYSE:CAT) and its Progress Rail train manufacturing division.

Caterpillar and Progress have both been installing Seeing Machines’ driver monitoring systems (DMS) in new diggers and trains that roll off their production lines and they pay a royalty every time they do so.

Revenues in this division more than trebled to A$4.6mln (H1 17/18: A$1.3mln) in the six months ended 31 December as Seeing Machines continued to grow its long-standing partnerships with the pair.

The high-margin nature of these royalties helped gross profit across the group jump to A$8.9mln (H1 17/18: A$6.6mln) in the first half.

Seeing Machines’ services business, which provides post-sales support and consultancy to customers, also enjoyed a strong six months, with revenues doubling to A$2.4mln (H1 17/18: A$1.2mln).

In talks with more carmakers

Those two divisions more than offset declines in the automotive and fleet businesses, which fit Seeing Machines’ fatigue-monitoring tech into cars and lorries and buses, respectively.

Automotive revenues fell to A$4.7mln (H1 17/18: A$6.9mln), although this is merely a reflection of the lumpy nature of non-recurring engineering payments which Seeing receives from customers during the initial development process.

The company has agreements in place with six carmakers in Germany, the US and China, most of whom will start production on the cars containing Seeing’s FOVIO DMS within the next 18 months or so.

Discussions with five other companies are underway and more information is expected on these by the end of this year.

Manufacturing delays hit Fleet revenues

As for the Fleet division, revenue fell to A$4.2mln (H1 17/18: A$5.9mln) as a result of production and supply chain issues.

A restructuring earlier in the year saw a new management team brought in, which moved immediately to close the US office in order to focus more on “higher value potential markets” such as UK and Europe, Australasia and Latin America.

Several blue-chips have installed the firm’s Guardian DMS in their buses and lorries, such as FirstGroup and Total.

Talks with manufacturers are ongoing to make sure the production issues don’t arise again.

Regulatory shift is beneficial

“We are continuing to benefit from global regulatory drivers that are accelerating the implementation of driver monitoring systems across all vehicle types,” said CEO Kroeger in a separate statement.

“We have agreed several further partnership deals with leading global original equipment manufacturers (OEMs) and now have six agreements in total, including with two premium German and three US-based global automakers.

“The restructuring of our Fleet business is almost complete, and we are now focused on targeting geographic markets and industry categories that will deliver profitable business.

He added: “We remain well placed to meet the rising demand for our technology from the global automotive sector, as DMS is increasingly acknowledged a key element required for transport safety in all vehicles.”

-- Updates heading with share placing --

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Wed, 20 Mar 2019 13:04:00 -0400 https://www.proactiveinvestors.com/companies/news/216850/seeing-machines-raises-275mln-as-caterpillar-royalties-drive-first-half-gross-profit-growth-216850.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190320140549_14009544/ Wed, 20 Mar 2019 10:05:49 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190320140549_14009544/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190320140032_14009540/ Wed, 20 Mar 2019 10:00:32 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190320140032_14009540/ <![CDATA[RNS press release - Conditional Placing & Subscription to raise £27.5m ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190320113512_14009271/ Wed, 20 Mar 2019 07:35:12 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190320113512_14009271/ <![CDATA[RNS press release - Half-year Report to 31 December 2018 ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190320112925_14009268/ Wed, 20 Mar 2019 07:29:25 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190320112925_14009268/ <![CDATA[News - Seeing Machines to trial eye tracking technology in helicopter simulator ]]> https://www.proactiveinvestors.com/companies/news/216071/seeing-machines-to-trial-eye-tracking-technology-in-helicopter-simulator-216071.html Seeing Machines Limited (LON:SEE) shares were higher on Friday as the group said it is preparing to trial its eye-tracking technology in a helicopter flight simulator in partnership with Toll Helicopters, an arm of Australian logistics group Toll.

The company, which develops eye tracking and operator monitoring technology, said the trial would be based on its Crew Training System (CTS) and incorporated into Toll’s AW-139 Full Flight Simulator at the ACE training centre in Sydney.

READ: Latest EU announcement could be a major boon for Seeing Machines

The CTS enables flight instructors to observe the movement of the pilot’s eyes in real-time during a simulation and track what they are looking at. The data is then used to provide insight into situational awareness and overall performance.

Seeing Machines said the trail would build on smaller ones conducted with Toll over the last two years, which it said had produced “tangible benefits” for pilots, aircrewmen, and instructors.

Patrick Nolan, general manager of aviation at Seeing Machines, said the company had “every confidence” the technology would be “instrumental in maintaining Toll's high standards of safety and be key to enhancing pilot training efficiencies”.

READ: Seeing Machines jumps as it partners with L3 to develop eye tracking for flight simulators

Toll isn’t the only firm that Seeing Machines has partnered with in recent months, having also worked with fixed-wing pilot trainer L3 Commercial Aviation to integrate its eye-tracking systems into their simulators.

In afternoon trading, Seeing machines shares were 1% higher at 5.05p.

 -- Adds share price --

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Fri, 08 Mar 2019 08:01:00 -0500 https://www.proactiveinvestors.com/companies/news/216071/seeing-machines-to-trial-eye-tracking-technology-in-helicopter-simulator-216071.html
<![CDATA[RNS press release - Eye tracking technology trial with Toll ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190308070005_13994857/ Fri, 08 Mar 2019 02:00:05 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20190308070005_13994857/ <![CDATA[News - Latest EU announcement could be a major boon for Seeing Machines ]]> https://www.proactiveinvestors.com/companies/news/215117/latest-eu-announcement-could-be-a-major-boon-for-seeing-machines-215117.html Seeing Machines Limited (LON:SEE) has welcomed the European Parliament’s announcement that driver-monitoring technology such as its FOVIO system will become mandatory in all road vehicles.

On Thursday, the Committee on Internal Market and Consumer Protection (IMCO) voted to approve a range of new vehicle safety standards proposed by the European Commission last year.

The proposals state that all cars, vans, trucks and buses will have to be fitted out with driver distraction, drowsiness and attention warning systems.

READ: Seeing Machines secures new programme design win for its driver monitoring tech

“The leadership shown by Europe in this move to improve transport safety using technology is most welcome, as governments all over the world grapple with serious injuries and fatalities caused by road accidents,” said Seeing Machines’ chief executive Ken Kroeger.

“Seeing Machines is focused on safety outcomes and we have spent the past 20 years honing our technology for this very purpose.

“Our driver monitoring technology, already launched in the award-winning General Motors Cadillac CT6 with Super Cruise, and in current development with a further five automotive manufacturers globally, as well as retrofitted to over 16,000 commercial and mining vehicles around the world, is designed to understand the state of the driver, to ensure that fatigue and distraction-related events and the risks associated with that behaviour, are mitigated.”

Tech tracks head position and pupil size

Seeing Machines makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.

The tech tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.

Some of the world’s biggest companies are already using its platform, including Caterpillar, Emirates and General Motors.

Seeing Machines shares were broadly flat at 5.1p on Friday morning.

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Fri, 22 Feb 2019 09:02:00 -0500 https://www.proactiveinvestors.com/companies/news/215117/latest-eu-announcement-could-be-a-major-boon-for-seeing-machines-215117.html
<![CDATA[RNS press release - EU mandates safety technology for vehicles ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190222083003_13978565/ Fri, 22 Feb 2019 03:30:03 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20190222083003_13978565/ <![CDATA[News - Seeing Machines secures new programme design win for its driver monitoring technology ]]> https://www.proactiveinvestors.com/companies/news/214847/seeing-machines-secures-new-programme-design-win-for-its-driver-monitoring-technology-214847.html Seeing Machines Limited (LON:SEE) has secured a new programme design win for its Driver Monitoring System (DMS) technology.

The contract is with a US original equipment manufacturer (OEM) focused on the motor vehicle industry.

READ: Seeing Machines says first half trading in-line as interest in DMS technology grows

The AIM-listed Aussie-headquartered technology company is working alongside a major tier 1 partner to deliver the new programme via its highly scalable FOVIO Chip, with mass production scheduled from late 2020, and an estimated lifetime revenue of A$6mln for the initially planned car models.

Seeing Machines said this initial OEM win is considered strategic with a significant potential for volume/model expansion with increasing demand for driver monitoring systems, globally. It advised, however, that volume projections can change materially and, as is typical with contracts in the motor vehicle industry, there are no guarantees on the level of overall revenues beyond engineering milestone payments.

"We are more than pleased to announce volume production wins now with three major US-based automakers, and six OEMs globally, including further deployment of our FOVIO DMS Chip solution. We see this as a further endorsement of our technology leadership and a reflection of the growing effectiveness of the close tier-1 partnerships, in which we have invested,” said Nick DiFiore, the general manager of automotive at Seeing Machines.

"We also continue to see substantial and growing demand for our DMS technology around the world, as regulation accelerates recognition of the key role it plays in improving safety across all transport sectors,” he added.

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Tue, 19 Feb 2019 07:18:00 -0500 https://www.proactiveinvestors.com/companies/news/214847/seeing-machines-secures-new-programme-design-win-for-its-driver-monitoring-technology-214847.html
<![CDATA[RNS press release - Sixth Automotive OEM Design Win ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190219070005_13973502/ Tue, 19 Feb 2019 02:00:05 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20190219070005_13973502/ <![CDATA[News - Seeing Machines set to benefit from growing interest in driver monitoring systems ]]> https://www.proactiveinvestors.com/companies/news/213919/seeing-machines-set-to-benefit-from-growing-interest-in-driver-monitoring-systems-213919.html Seeing Machines PLC (LON:SEE) makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.

The technology tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.

Among some of the firm’s clients are Autoliv, General Motors, Coach USA, Bosch, Caterpillar and Emirates.

Seeing Machines sees an opportunity for its DMS in the autonomous vehicles market that is being developed by the likes of Tesla, General Motors and Alphabet’s Waymo.

There are different levels of autonomy with level 0 being when you hear a beep as you approach an object when reversing and level 5 being when the steering wheel becomes superfluous.

The AIM-listed group is based in Canberra, Australia but serves markets across Europe, North America, Latin America, the Middle East and the Asia Pacific.

Inflection points: Seeing Machine has invested significantly in its automotive arm over the last year to build further capacity and de-risk delivery on current programmes with original equipment manufacturers (OEMs), which represent projected revenues of A$138mln between 2019 and 2026. Five existing automotive programmes are on track and at varying stages of development. The firm is currently engaged in six submitted proposals to OEMs, representing around A$140mln of revenue potential, the majority of which were due to be decided before the end of its 2019 fiscal year. The aviation division has recently entered deals with the Royal Australian Air Force and L3 Training Solutions to supply its tracking sensor technologies for flight simulators to train pilots. The Guardian backup driver monitoring system (BdMS), which is designed to mitigate the risk of testing autonomous vehicles on the road, is currently in active pilots with several US-based technology developers. Opportunities are expected to “crystallise” in 2019.  New leadership team in the fleet truck division plans to cut costs by closing the North American business development while focusing on higher-value markets such as UK and Europe, Australasia and Latin America. 2019 revenue expected to be in line with last year

 

Blue Sky

Chief executive Ken Kroeger said the momentum towards the mandatory implementation of advanced safety systems in all new models of vehicles around the world continued to build over the last three months of 2018 and the company has seen an increasing interest in DMS across all its transport sectors.

He added that the transformation of the Fleet business is making good progress as it focuses on more profitable geographic markets and industry categories. The group is also leveraging its channel partners to grow the footprint of the Guardian product, he said.

“We continue to focus on further strengthening our engineering capability and optimising quality management to meet the expected growth in demand for DMS,” he said.

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Mon, 04 Feb 2019 07:13:00 -0500 https://www.proactiveinvestors.com/companies/news/213919/seeing-machines-set-to-benefit-from-growing-interest-in-driver-monitoring-systems-213919.html
<![CDATA[Media files - Seeing Machines well placed to capitalise on uptake of driver monitoring systems ]]> https://www.proactiveinvestors.com/companies/stocktube/11864/seeing-machines-well-placed-to-capitalise-on-uptake-of-driver-monitoring-systems-11864.html Wed, 16 Jan 2019 13:17:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11864/seeing-machines-well-placed-to-capitalise-on-uptake-of-driver-monitoring-systems-11864.html <![CDATA[News - Seeing Machines says first half trading in-line as interest in DMS technology grows ]]> https://www.proactiveinvestors.com/companies/news/212670/seeing-machines-says-first-half-trading-in-line-as-interest-in-dms-technology-grows-212670.html Seeing Machines Limited (LON:SEE) has issued an in line trading update for the first half of the year as it said it had seen “an increasing interest” in its driver monitoring systems (DMS) across all of its transport sectors.

In the update, the firm said it expected to report first half revenues of A$13.5mln compared to A$14.6mln last year, in line with its revised projections following a review of its fleet business in September.

READ: Seeing Machines jumps as it partners with L3 to develop eye tracking for flight simulators

The group’s full year expectation that 2019 revenues would be in line with those from 2018 was also unchanged.

Seeing Machines develops technology which is designed to track the face and eyes of vehicle operators such as pilots and drivers to ensure they are not distracted.

Investment in Automotive

In a review of its divisions, the company said it had “invested significantly” in its automotive arm over the last year to build further capacity and de-risk delivery on current programmes with original equipment manufacturers (OEMs), which represent projected revenues of A$138mln between 2019 and 2026.

The group’s five existing automotive programs were on track at various stages of development, with the firm adding that it was currently engaged with six submitted proposals representing around A$140mln of revenue potential, the majority of which were due to be decided before the end of its 2019 fiscal year.

The company’s Guardian backup driver monitoring system (BdMS), which is designed to mitigate the risk of testing autonomous vehicles on the road, was currently in active pilots with several US-based technology developers, with opportunities expected to “crystallise” in 2019.

Cost reduction in fleet division

For its fleet division, Seeing Machines said it had established a new leadership team and was focused in the short-term on cost reduction, primarily by closing its North American business development and operations teams in order to focus on higher-value markets such as UK and Europe, Australasia and Latin America.

There had also been an impact on installation rates of the group’s Gen 2 product in the first half due to delays in product availability from manufacturing issues affecting its FOVIO platform technology.

However, the firm retained nine distribution partnerships across Australia, Asia, Africa, Middle East and Latin America and said it would continue its subscription software-as-a-service (SaaS) model via its 24/7 Guardian Centre in Tucson, Arizona as the segment was profitable on a stand-alone basis and provided “a regular and repeatable annuity style income stream going forward”.

In the Aviation business, Seeing Machines said a number of commercial deals for its eye tracking technology with customers including the Royal Australian Air Force and L3 Training Solutions for a major Australian airline were expected to continue and grow in size as the industry embraced the technology.

WATCH: Seeing Machines Ltd clinches Australian Air Force deal for eye and face-tracking sensor technology

For Mining and Rail, the firm was continuing to grow its strategic partnership with machinery maker Caterpillar Inc (NYSE:CAT) and its subsidiary Progress Rail while also discussing the consolidation of contractual arrangements to simplify product offerings.

The company also said a number of key appointments had been made over the last six months, including Jack Boyer as chairman, Kate Hill as non-executive director, Luke Oxenham as finance director, Ryan Murphy as chief operating officer and Paul McGlone as general manager of fleet.

READ: Seeing Machines appoints Luke Oxenham as new finance chief

Ken Kroeger, chief executive of Seeing Machines, said the group had seen “an increasing interest” in its DMS technology over the period, adding that the transformation of the fleet business was making “good progress” and that it was leveraging its channel partners to grow the footprint of the Guardian product.

Kroeger also said the firm had had a series of “productive” meetings with OEM and Tier 1 manufacturers at the International Consumer Electronics Show in Las Vegas which took place last week.

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Wed, 16 Jan 2019 08:12:00 -0500 https://www.proactiveinvestors.com/companies/news/212670/seeing-machines-says-first-half-trading-in-line-as-interest-in-dms-technology-grows-212670.html
<![CDATA[RNS press release - Half year trading update ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190116070003_13935906/ Wed, 16 Jan 2019 02:00:03 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20190116070003_13935906/ <![CDATA[RNS press release - Cadillac Super Cruise 2019 Technology of the Year ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190114070006_13932804/ Mon, 14 Jan 2019 02:00:06 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20190114070006_13932804/ <![CDATA[RNS press release - Board Changes ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181213070005_13901872/ Thu, 13 Dec 2018 02:00:05 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181213070005_13901872/ <![CDATA[News - Seeing Machines jumps as it partners with L3 to develop eye tracking for flight simulators ]]> https://www.proactiveinvestors.com/companies/news/211040/seeing-machines-jumps-as-it-partners-with-l3-to-develop-eye-tracking-for-flight-simulators-211040.html Seeing Machines Limited (LON:SEE) shares surged in early trading Wednesday after it partnered up with L3 Commercial Aviation, a provider of pilot training solutions, to develop eye-tracking capabilities for flight simulators.

The firm, which develops eye-tracking and operator monitoring technology, said the two would work to integrate eye tracking capabilities into L3’s Full Flight Simulator (FFS), with the first device to be delivered to a major Australian airline in 2019.

READ: Seeing Machines lands air force deal

It is the first time a permanent fully integrated eye tracking solution has been delivered into an FFS device used for civil aviation pilot training.

The company said its eye-tracking tech has the ability to monitor and evaluate both the performance of the pilots and their decision-making processes during simulator exercises, adding that the technology would help standardise head-up display flight training across the airline's organisation and optimise training outcomes for pilots and instructors.

The partnership follows a commercial agreement signed by Seeing Machines in November to provide its eye and face tracking sensor technologies to the Royal Australian Air Force.

Patrick Nolan, general manager of Aviation at Seeing Machines, said: "The feedback from the aviation industry on the benefits of this capability and solution has been very positive. It is great to see the transition to a fully integrated solution that will provide valid data to support and optimise flight training in what we believe will be the first of many engagements across the industry."

Shares were up 3.8% at 4.7p.

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Wed, 12 Dec 2018 08:30:00 -0500 https://www.proactiveinvestors.com/companies/news/211040/seeing-machines-jumps-as-it-partners-with-l3-to-develop-eye-tracking-for-flight-simulators-211040.html
<![CDATA[RNS press release - Collaboration with L3 to deliver eye tracking ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181212070003_13900130/ Wed, 12 Dec 2018 02:00:03 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181212070003_13900130/ <![CDATA[RNS press release - Issue of Shares and Total Voting Rights ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181206143331_13894548/ Thu, 06 Dec 2018 09:33:31 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181206143331_13894548/ <![CDATA[News - Seeing Machines appoints Luke Oxenham as new finance chief ]]> https://www.proactiveinvestors.com/companies/news/210366/seeing-machines-appoints-luke-oxenham-as-new-finance-chief-210366.html Seeing Machines Limited (LON:SEE) has appointed Luke Oxenham as its new chief financial officer (CFO) with immediate effect.

Oxenham had previously worked as CFO across several companies including Genworth Mortgage Insurance Australia Limited (ASX:GMA) and infrastructure firm Intoll Group.

WATCH: Seeing Machines Ltd clinches Australian Air Force deal for eye and face-tracking sensor technology

He also held senior positions at toll road operator Macquarie Infrastructure Group (NYSE:MIC), as well as Deutsche Bank, National Australia Bank, and financial services group Promina.

Ken Kroeger, chief executive of Seeing Machines, said: "Luke's appointment further strengthens the experience and expertise of our senior management team, following our recent appointments of a Chief Operating Officer and General Manager of the Group's Fleet division.

He added: "Luke is an accomplished senior finance professional and brings to the CFO role at Seeing Machines a blend of commercial, financial and investor relations experience that will significantly complement the capabilities of our leadership team as we implement our growth strategy and address the substantial and growing demand that is emerging for our driver monitoring technology."

The appointment follows the first deal for the group’s aviation division in November when it clinched a contract to provide eye and face tracking sensor technologies to the Royal Australian Air Force.

In early trading Monday, Seeing Machines shares were steady around 4.9p.

--Adds share price--

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Mon, 03 Dec 2018 08:16:00 -0500 https://www.proactiveinvestors.com/companies/news/210366/seeing-machines-appoints-luke-oxenham-as-new-finance-chief-210366.html
<![CDATA[RNS press release - Luke Oxenham appointed Chief Financial Officer ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181203070008_13888004/ Mon, 03 Dec 2018 02:00:08 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181203070008_13888004/ <![CDATA[Media files - Seeing Machines Ltd clinches Australian Air Force deal for eye and face-tracking sensor technology ]]> https://www.proactiveinvestors.com/companies/stocktube/11333/seeing-machines-ltd-clinches-australian-air-force-deal-for-eye-and-face-tracking-sensor-technology-11333.html Tue, 27 Nov 2018 12:24:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11333/seeing-machines-ltd-clinches-australian-air-force-deal-for-eye-and-face-tracking-sensor-technology-11333.html <![CDATA[News - Seeing Machines lands air force deal ]]> https://www.proactiveinvestors.com/companies/news/209889/seeing-machines-lands-air-force-deal-209889.html Seeing Machines Limited’s (LON:SEE) aviation division has inked its first commercial agreement.

It will provide eye and face tracking sensor technologies to the Royal Australian Air Force.

The technology will be installed in two advanced simulators, which, according to Danny McCreadie, RAAF acting director of integration, will “improve overall training efficiencies, reduce cost and failure rates".

Seeing Machines chief executive, Ken Kroeger, said the deal was reward for the hard of the company’s aviation arm.

“This programme follows on from our successful engagement with several major airline carriers, simulator manufacturers and air traffic management services and is affirmation that the substantial work done by our team to develop this market is now paying off,” he added.

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Mon, 26 Nov 2018 07:32:00 -0500 https://www.proactiveinvestors.com/companies/news/209889/seeing-machines-lands-air-force-deal-209889.html
<![CDATA[RNS press release - Aviation division signs deal with Air Force ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181126070007_13879416/ Mon, 26 Nov 2018 02:00:07 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181126070007_13879416/ <![CDATA[News - Seeing Machines expects to announce new CFO soon as James Palmer moves on ]]> https://www.proactiveinvestors.com/companies/news/209806/seeing-machines-expects-to-announce-new-cfo-soon-as-james-palmer-moves-on-209806.html James Palmer, the chief financial officer (CFO) of Seeing Machines Limited (LON:SEE), is to step down from his position for personal reasons.

The driver fatigue monitoring technology group is in the final stages of appointing a new CFO and expects to make an announcement shortly. Palmer will remain with Seeing Machines until mid-January in order to provide an orderly and comprehensive handover to his successor.

READ: Seeing Machines lifted as chairman hails “exciting and pivotal” 12 months

"The last few years at Seeing Machines have been times of constant change and growth. This growth has been driven by a number of factors, including James' hard work and dedication to the business,” said Ken Kroeger, the chief executive officer of Seeing Machines.

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Fri, 23 Nov 2018 07:29:00 -0500 https://www.proactiveinvestors.com/companies/news/209806/seeing-machines-expects-to-announce-new-cfo-soon-as-james-palmer-moves-on-209806.html
<![CDATA[RNS press release - Chief Financial Officer ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181123070003_13877933/ Fri, 23 Nov 2018 02:00:03 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181123070003_13877933/ <![CDATA[News - Seeing Machines appoints logistics specialist as general manager of its fleet division ]]> https://www.proactiveinvestors.com/companies/news/209355/seeing-machines-appoints-logistics-specialist-as-general-manager-of-its-fleet-division-209355.html Seeing Machines Limited (LON:SEE) has appointed supply chain management specialist Paul McGlone as senior vice president and general manager of the group's fleet division.

The advanced computer vision technology company said McGlone would oversee the ongoing review of the group’s fleet business model.

READ: Seeing Machines announces strategic shift in its business model

McGlone’s previous roles include chief executive officer of Forcecorp, a work platforms business, and group vice president of strategy, planning and innovation at Brambles, a listed Australian company that supplies pallets, containers and returnable crates.

"Paul brings to Seeing Machines a wealth of relevant experience and expertise that will further enhance our team's capabilities as we transform the fleet business and improve the deployment of capital and resources across the group,” said Ken Kroeger, the chief executive officer of Seeing Machines.

Shares in Seeing Machines were up 0.9% at 5.55p in early deals.

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Fri, 16 Nov 2018 08:21:00 -0500 https://www.proactiveinvestors.com/companies/news/209355/seeing-machines-appoints-logistics-specialist-as-general-manager-of-its-fleet-division-209355.html
<![CDATA[RNS press release - Appoints Paul McGlone to head Fleet division ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181116070003_13869305/ Fri, 16 Nov 2018 02:00:03 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181116070003_13869305/ <![CDATA[News - Seeing Machines lifted as chairman hails “exciting and pivotal” 12 months ]]> https://www.proactiveinvestors.com/companies/news/209152/seeing-machines-lifted-as-chairman-hails-exciting-and-pivotal-12-months-209152.html Shares in Seeing Machines Limited (LON:SEE) were lifted in early trading Wednesday after its chairman, Jack Boyer, hailed an “exciting and pivotal” 12 months for the firm in a statement at its annual general meeting (AGM).

Boyer said the firm, which develops AI-powered driver monitoring technology, had had its position as “a leader in camera-based driver monitoring technology” validated by five program awards with world-leading automotive original equipment manufacturers (OEMs).

READ: Seeing Machines appoints chief operating officer

The group had also seen the debut of its FOVIO driver monitoring system last October with the launch of the Cadillac CT6 from General Motors, adding that the FOVIO Chip had secured two recent automotive OEM program awards, one in North America and one in China.

Boyer also said the over-the-air upgradable FOVIO Chip would be leveraged to provide its driver monitoring system (DMS) platform across multiple transport sectors, while also representing an efficient way to deliver additional performance capability to grow average revenue per vehicle.

“The ability to deliver the DMS technology via the FOVIO Chip…considerably broadens the addressable market for Seeing Machines, particularly given the tight timeframes in which carmakers are implementing semi-automated driving technology and incorporating DMS to enhance safety and begin preparation for global regulatory guidance” Boyer added.

The company was also “very well placed” to leverage regulatory developments in both Europe and North America following the recommended inclusion of DMS software in vehicles by both the European Commission and the National Transport Safety Board in the US.

Regarding its fleet business, the firm had made some “difficult decisions” amid the increased cost base for its Guardian technology which meant it would “in time” align the Guardian business model with the “broader automotive direction” of the business.

READ: Seeing Machines announces strategic shift in its business model

“The case remains compelling for a retrofit commercial fleet product to keep drivers of commercial vehicles, their passengers and communities safe. Seeing Machines is working closely with distribution partners to continue to provide this unique offering and with over 11,000 units connected globally, our 24/7 monitoring service remains a profitable and integral part of the business” Boyer said, adding that the 1.3bn kilometres of driving data collected by the Guardian monitoring service gave the company a competitive advantage and drove improvements in its technologies.

In its Aviation business, the group had seen “significant progress” which would “soon be affirmed with commercial engagements”.

The company had also added “significant new customers” in South East Asia, Russia, the Americas, and Africa due to improvements in the global mining industry, a turn of events that also benefitted on of Seeing Machines’ major customers Caterpillar (NYSE:CAT).

Boyer also said the company was looking forward to “increased progress” in its rail and transport business following the first successful roll out of its transport bus and tram programs.
“We have now established a clear strategy for the Group that will see the entire business transition to a pure OEM and Tier 1 supplier, offering value-added services to deliver safety solutions to customers in automotive, fleet, rail, mining and aviation” he added.

Shares were up 1.8% at 5.9p.

--Adds share price--

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Wed, 14 Nov 2018 07:47:00 -0500 https://www.proactiveinvestors.com/companies/news/209152/seeing-machines-lifted-as-chairman-hails-exciting-and-pivotal-12-months-209152.html
<![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181114070004_13865869/ Wed, 14 Nov 2018 02:00:04 -0500 https://www.proactiveinvestors.com/companies/rns/894/LSE20181114070004_13865869/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181022102737_13837308/ Mon, 22 Oct 2018 05:27:37 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20181022102737_13837308/ <![CDATA[RNS press release - Seeing Machines appoints Ryan Murphy as COO ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20181017070005_13831424/ Wed, 17 Oct 2018 02:00:05 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20181017070005_13831424/ <![CDATA[RNS press release - Issue of Shares ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180928110503_13808973/ Fri, 28 Sep 2018 06:05:03 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180928110503_13808973/ <![CDATA[News - Seeing Machines announces strategic shift in its business model ]]> https://www.proactiveinvestors.com/companies/news/205201/seeing-machines-announces-strategic-shift-in-its-business-model-205201.html Seeing Machines Limited (LON:SEE) expects revenues in the current fiscal year to be roughly on par with those in the fiscal year just ended as it implements changes to its Fleet division's business model.

In its audited results for the year to the end of June, the computer vision technology company reported a surge in revenue to A$30.7mln from A$14.2mln the year before.

The Aussie firm said revenue momentum accelerated throughout the year.

READ: Seeing Machines sees increase in revenue momentum

The key driver for the rapid revenue growth last year was the Fleet business, with sales up more than 89% year-on-year.

Seeing Machines recently initiated a comprehensive business review in order to facilitate its transition to a pure original equipment manufacturer (OEM) supplier with high-margin services to provide revenue across multiple transport sectors. Henceforth, the group will focus on the ongoing development of driver monitoring systems (DMS) technology, while partnering with distributors in the fleet business and others in order to reduce direct cost in the business.

Given the transition of the Fleet business model, it is expected that sales revenue in this division in the year to the end of June 2019 will remain in line with that reported for the fiscal year just ended.

Automotive sales increased five-fold to A$8mln from A$1.6mln last year and the expectations are that Automotive sales revenue will become a significant part of the group’s revenue over the next two to three years.

Gross margin for the group was 25% (2017: 5%) with gross profit totalling A$7.6 million (2017: A$0.7 million), largely because of a greater proportion of the revenue coming from the high-margin Automotive, Mining and Rail markets.

The loss before tax widened to A$36.0mln from A$28.6mln the year before, largely as a result of an increase in research & development expenses to A$20.2mln from A$15.9mln the year before and a rise in corporate services expenses to A$10.0mln from A$6.6mln the previous year.

Cash at 30 June 2018 stood at A$42.8mln, up from A$18.0mln at the end of the year, following a successful £37.4mln fund-raising exercise in January.

READ Seeing Machines increases size of fund raise as investors snap up shares

"A move to mandatory safety regulation across all transport sectors around the world is gaining strong momentum – this provides us with extensive opportunities to supply DMS to global OEMs and Tier 1 partners across all vehicle classes,” said Ken Kroeger, the chief executive officer of Seeing Machines.

"As a result of our internal review, we are transforming the business model of our Fleet business to improve the deployment of capital and resources across the group. At the same time, we are seeing substantial and growing demand from the global automotive sector for our DMS technology, which recognises the key role it is playing in transport, as autonomy and safety continue to drive the global agenda," he added.

Learn more about the Guardian Backup-driver Monitoring System (BdMS), our latest retrofit solution that facilitates safe testing of semi-autonomous and autonomous vehicles in real world conditions https://t.co/Do6QPjskLu #seeingmachines #roadsafety #SEEGuardian

— Seeing Machines (@seeingmachines) September 18, 2018

Shares in Seeing Machines were down 0.32p at 6.5p in early deals.

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Wed, 19 Sep 2018 08:23:00 -0400 https://www.proactiveinvestors.com/companies/news/205201/seeing-machines-announces-strategic-shift-in-its-business-model-205201.html
<![CDATA[RNS press release - Year end results ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180919070005_13795816/ Wed, 19 Sep 2018 02:00:05 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180919070005_13795816/ <![CDATA[News - Seeing Machines shares pick up as it launches backup driver monitoring system for autonomous research vehicles ]]> https://www.proactiveinvestors.com/companies/news/204603/seeing-machines-shares-pick-up-as-it-launches-backup-driver-monitoring-system-for-autonomous-research-vehicles-204603.html Seeing Machines Limited (LON:SEE) shares rose in early trading Tuesday after it unveiled a retrofit backup-driver monitoring system (BdMS) for autonomous vehicles in response to what it said was “clear demand” from the sector.

The AIM-listed firm, which develops artificial intelligence (AI) powered monitoring systems for transport operators, said that the Guardian BdMS was designed to ensure that the backup driver in a self-driving or semi-autonomous research vehicle is alert and ready to take control “whenever necessary”.

READ: Seeing Machines excited by automotive prospects but Guardian delays to roll over into 2019

Seeing Machines said the system, which uses its automotive-grade FOVIO monitoring technology, came as an increasing number of technology companies and automakers decide to develop vehicles to research autonomous driving.

While testing the vehicles on public roads was “critical for effective research”, it also brought risks to the public, the company said, with backup drivers always employed during testing to assure safe operation of the vehicle.

The firm added that it had already signed an agreement with one customer for the technology and was currently in “advanced discussions” with a number of companies “at the forefront of autonomous vehicle development”.

Nick DiFiore, the senior vice president of Seeing Machines and its automotive general manager, said the Guardian system had been developed to “specifically” meet the requirements for automated driving research operators.

The announcement follows what has been some recent bad PR for self-driving cars, most notably a fatal car crash in March when an autonomous Uber vehicle collided with a pedestrian in Arizona.

Seeing Machines shares were up 2.6% at 7.8p.

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Tue, 11 Sep 2018 08:06:00 -0400 https://www.proactiveinvestors.com/companies/news/204603/seeing-machines-shares-pick-up-as-it-launches-backup-driver-monitoring-system-for-autonomous-research-vehicles-204603.html
<![CDATA[RNS press release - Seeing Machines launches Guardian BdMS ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180911070025_13785599/ Tue, 11 Sep 2018 02:00:25 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180911070025_13785599/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180904140602_13778454/ Tue, 04 Sep 2018 09:06:02 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180904140602_13778454/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180904140034_13778452/ Tue, 04 Sep 2018 09:00:34 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180904140034_13778452/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180904110554_13778207/ Tue, 04 Sep 2018 06:05:54 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180904110554_13778207/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20180904110048_13778200/ Tue, 04 Sep 2018 06:00:48 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20180904110048_13778200/