Proactiveinvestors USA & Canada Seeing Machines Limited https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Seeing Machines Limited RSS feed en Mon, 24 Jun 2019 05:55:57 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Seeing Machines wins four commercial fleet contracts in New Zealand ]]> https://www.proactiveinvestors.com/companies/news/222033/seeing-machines-wins-four-commercial-fleet-contracts-in-new-zealand-222033.html Seeing Machines Ltd’s (LON:SEE) has seen improving commercial momentum for its Guardian driver-monitoring technology after changing distributor terms, leading to four new fleet contract wins in New Zealand.

Based on the new terms, AutoSense, the AIM-listed company’s master distributor for New Zealand, intends to treble its current installed base by the end of 2019.

READ: Seeing Machines wins contract with major North American self-driving car company

The four new contracts cover a total of more than 1,400 units, with the largest being New Zealand-listed TIL Logistics Group along with three local transport operators.

AutoSense boss Charles Dawson said signing such deals “signifies the maturing of our transport industry as they increasingly take driver training and road safety seriously”.

Guardian, which employs AI to track eye movements and other driver actions to prevent driver fatigue and distraction-related events in real time, has been proven to reduce fatigue events by more than 90%. Seeing Machines also provides technology to monitor backup drivers in self-driving cars.

Paul McGlone, who has stepped in as chief executive at Seeing Machines as part of an ongoing restructuring, added: “We have worked closely with our distribution partners to revise commercial terms and focus on accelerated installations of Guardian around the world.

“AutoSense is a great example of that work and we are very happy to see this growth across New Zealand.”

In afternoon trading, shares in Seeing Machines were 0.8% higher at 3.27p.

 -- Adds share price --

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Thu, 13 Jun 2019 07:36:00 -0400 https://www.proactiveinvestors.com/companies/news/222033/seeing-machines-wins-four-commercial-fleet-contracts-in-new-zealand-222033.html
<![CDATA[RNS press release - Fleet Momentum in New Zealand ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190613070016_14109081/ Thu, 13 Jun 2019 02:00:16 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190613070016_14109081/ <![CDATA[News - Seeing Machines wins contract with major North American self-driving car company ]]> https://www.proactiveinvestors.com/companies/news/221756/seeing-machines-wins-contract-with-major-north-american-self-driving-car-company-221756.html Seeing Machines Ltd (LON:SEE) shares rose on Monday as the firm said its technology will be installed as a safety feature in self-driving cars as part of a contract with an American manufacturer.

For an up-front fee of A$2.2mln, the AIM-listed company’s Guardian backup-driver monitoring system (BDMS) will be added to a large proportion of the fleet of the new customer, which was described as a “leading North American self-driving car company”.

READ: Seeing Machines looking up as it streamlines fleet division to accelerate adoption of driver monitoring tech

As part of the agreement, the self-driving car company has the option to make further purchases.

Leading North American self-driving car companies include well-known names like Tesla Inc (NASDAQ:TSLA) and Alphabet Inc’s (NASDAQ:GOOG) Waymo and a raft of others like Aurora, Nuro, Voyage and Zoox, are all filling up their tank with venture capital cash in the race to develop driverless cars, lorries and delivery vans.

The Guardian BDMS technology is based on Seeing Machines' FOVIO driver monitoring technology, which uses measures and analyses driver attention state, focus, drowsiness and impairment levels, and can be easily retrofitted into semi- and fully-autonomous vehicles.

Guardian is designed to help the backup-driver in an autonomous driving vehicle stay alert, aware and ready to take control of the driving task whenever necessary, as well as providing data for the self-driving fleet owners to monitor and evaluate backup-driver performance.

Nick DiFiore, the Australia-headquarted outfit’s automotive chief, said: "It has been gratifying for the Seeing Machines team to work with a sophisticated customer who shares our passion for road safety, and we are delighted to see our technology used to achieve the safer development and testing of autonomous vehicle technology on our public roads".

As part of an ongoing restructuring, which has included streamlining the fleet division in a push to accelerate adoption of its driver-monitoring technology, Seeing Machines recently agreed to part company with its chief executive and chairman as it looks for a CEO to drive the next stage of growth.

In afternoon trading, shares in Seeing Machines gained 2% at 3.25p.

 -- Adds share price -- 

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Mon, 10 Jun 2019 07:26:00 -0400 https://www.proactiveinvestors.com/companies/news/221756/seeing-machines-wins-contract-with-major-north-american-self-driving-car-company-221756.html
<![CDATA[RNS press release - Self-driving car company signs Guardian BdMS deal ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190610070003_14103963/ Mon, 10 Jun 2019 02:00:03 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190610070003_14103963/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190607114916_14103356/ Fri, 07 Jun 2019 06:49:16 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190607114916_14103356/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190606125333_14101764/ Thu, 06 Jun 2019 07:53:33 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190606125333_14101764/ <![CDATA[News - Seeing Machines CEO and chairman step down with immediate effect ]]> https://www.proactiveinvestors.com/companies/news/221563/seeing-machines-ceo-and-chairman-step-down-with-immediate-effect-221563.html Seeing Machines Ltd (LON:SEE) has announced the departure of its chief executive and chairman with immediate effect amid a restructuring of the group.

Ken Kroeger has stepped down as chief executive after eight years in the role.  

READ: Seeing Machines looking up as it streamlines fleet division to accelerate adoption of driver monitoring tech

The driver monitoring technology firm said Kroeger has acknowledged that the business needs a chief executive who can “commit, long-term, to the successful delivery of the unique strategic opportunity that Seeing Machines has established”.

Paul McGlone, head of the group’s fleet division, will fill in as interim chief executive.  

Kroeger will remain as a consultant to the company to facilitate an orderly transition until a permanent replacement chief executive is found.  

Jack Boyer will resign as chairman after just under a year in the position.

“Boyer has advised that his current and future directorships and other professional commitments have regrettably placed him in a position where he is no longer able to dedicate the requisite time, travel and energy to his chairman role at Seeing Machines and has consequently made the difficult decision to step down,” the company explained.

He will remain on the board as a non-executive director and facilitate the transition to a successor.

Non-executive director Kate Hill has been appointed interim chair.

The management changes come as Seeing Machines undergoes a restructuring, which has included streamlining its fleet division in a push to accelerate adoption of its driver-monitoring technology.

Following a strategic review of the fleet business, it has shrunk the size of the team by 30% to reduce costs and right size the unit, while also channelling its business development through an expanding distribution network.

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Wed, 05 Jun 2019 13:52:00 -0400 https://www.proactiveinvestors.com/companies/news/221563/seeing-machines-ceo-and-chairman-step-down-with-immediate-effect-221563.html
<![CDATA[RNS press release - Senior Leadership Transition ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190605130320_14099874/ Wed, 05 Jun 2019 08:03:20 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190605130320_14099874/ <![CDATA[News - Seeing Machines looking up as it streamlines fleet division to accelerate adoption of driver monitoring tech ]]> https://www.proactiveinvestors.com/companies/news/220388/seeing-machines-looking-up-as-it-streamlines-fleet-division-to-accelerate-adoption-of-driver-monitoring-tech-220388.html Seeing Machines Limited (LON:SEE) shares turned upwards on Thursday after the group streamlined its Fleet Division in a push to accelerate the adoption of its driver-monitoring technology.

The AIM-listed firm said that following a strategic review of the division it has shrunk the size of the team by 30% to reduce costs and right size the unit, while also channelling its business development through an expanding distribution network.

WATCH: Seeing Machines on the leading edge of the driver monitoring revolution

The company added that commercial terms with its direct clients and distribution partners has been reset in order to improve its near-term cash flow and sustain monthly service fees for its Guardian product, which provides 24/7 monitoring services.

The new terms also include higher wholesale prices, hardware revenue payable on delivery and contractually agreed timeframes for the installation of Guardian hardware into vehicles, which the company said would accelerate recurring revenue.

Going forward, the group said it expects to have a “strong pipeline of opportunities” and plans to expand its distribution network throughout 2020 and 2021.

“After analysing the financial performance of each contract we have modified the Fleet business model to bring forward recurring revenue, the biggest driver of value”, said Paul McGlone, senior vice president and general manager of Seeing Machines Fleet division.

“Sales momentum is building in all our major markets through initiatives to expand geographic footprint with global customers, new distributors and the addition of new channel partners”.

As of 30 April, the company’s Guardian system has had 14,500 units installed in vehicles worldwide, with a target of 27,000 units by June 2020.

Seeing Machines added that it now had nine established distribution partners with over 340 customers through its direct sales and distribution channels.

In late-morning trading, Seeing Machines shares were up 2.3% at 3.3p.

--Adds share price--

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Thu, 16 May 2019 07:51:00 -0400 https://www.proactiveinvestors.com/companies/news/220388/seeing-machines-looking-up-as-it-streamlines-fleet-division-to-accelerate-adoption-of-driver-monitoring-tech-220388.html
<![CDATA[RNS press release - Fleet Update ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190516070001_14075746/ Thu, 16 May 2019 02:00:01 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190516070001_14075746/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190430145836_14057762/ Tue, 30 Apr 2019 09:58:36 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190430145836_14057762/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190430070019_14056392/ Tue, 30 Apr 2019 02:00:19 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190430070019_14056392/ <![CDATA[Media files - Seeing Machines on the leading edge of the driver monitoring revolution ]]> https://www.proactiveinvestors.com/companies/stocktube/13128/seeing-machines-on-the-leading-edge-of-the-driver-monitoring-revolution-13128.html Mon, 29 Apr 2019 10:05:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13128/seeing-machines-on-the-leading-edge-of-the-driver-monitoring-revolution-13128.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com/companies/rns/894/LSE20190425101822_14051760/ Thu, 25 Apr 2019 05:18:22 -0400 https://www.proactiveinvestors.com/companies/rns/894/LSE20190425101822_14051760/ <![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.

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.”

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

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