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Seeing Machines Ltd - New DMS Program Award

RNS Number : 9004U
Seeing Machines Limited
30 October 2017
 

Seeing Machines Limited

("Seeing Machines" or "the Company")

 

New DMS Program Award with Premium German Auto OEM

 

30 October 2017

 

Seeing Machines (LSE: SEE), an industry leader in computer vision technologies which enable machines to see, understand and assist people is pleased to announce a program award with a premium German Automotive OEM in conjunction with a major Tier 1 automotive partner, to provide its FOVIO Driver Monitoring System (DMS) technology into new automobile models. The awarded models are scheduled for mass production launch starting in 2020.

 

Seeing Machines' FOVIO DMS platform uses advanced machine vision technology to precisely measure and analyze head pose, eyelid movements and eye-gaze under a full spectrum of demanding lighting conditions, including through sunglasses. This data is processed to deliver real-time information on driver attention state, focus, drowsiness and impairment levels. DMS technology is typically used to enable intelligent ADAS and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.    

 

According to previously given guidelines, this may be considered a Medium value program (from A$10M-A$25M revenue) based on the initial included models and lifetime volume projections, with the potential to become a Large value program in time (>A$25M revenue).  It is worth noting that volume projections can change materially, up or down, and as is typical in automotive industry contracts, there are no guarantees beyond engineering milestone payments.

 

Nick DiFiore, General Manager of Automotive at Seeing Machines, commented: "We are proud to be awarded this benchmark DMS program from both an OEM and Tier 1 with state-of-the art requirements.  Their confidence in us is a testament to the leading-edge nature of our FOVIO DMS technology, which is the culmination of years of innovative development and hard-earned Automotive application expertise by our team.  We look forward to delivering this leading-edge DMS program and further delivering our new FOVIO platform products to our growing Automotive customer base worldwide."

 

 

Enquiries:

 

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700

Mike McAuliffe, CEO

[email protected]

Media enquiries

 

[email protected]

 

finnCap Ltd

 

Ed Frisby / Emily Watts, Corporate Finance

+44 20 7220 0500

Tim Redfern / Richard Chambers, Corporate Broking

 

 

 

Canaccord Genuity Limited

 

Simon Bridges

+44 20 7523 8000

Richard Andrews

Alexander Napier

 

 

 


 

 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

About Seeing Machines

Seeing Machines, (LSE: SEE) is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company deploys its FOVIO machine learning vision platform to deliver real-time understanding of drivers through AI analysis of heads, faces and eyes for Driver Monitoring Systems (DMS), which monitor driver attention state including drowsiness and distraction. DMS is increasingly considered a core automotive safety technology as well as an enabling technology for ADAS/Autonomous Driving. The Company's pioneering commercial fleet solution (Guardian) delivers an after-market, in-cabin safety intervention system with 24/7 monitoring and cloud analytics services delivered on a telematics SaaS basis. The Company also serves Aviation, Rail and Off-Road markets and emerging applications for eye tracking and human sensing solutions. Based in Canberra, Australia with a growing footprint in the USA and Europe, the Company delivers multi-platform solutions from embedded software and processors to aftermarket system and service solutions to industry leaders globally. www.seeingmachines.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Seeing Machines Ltd.

Price: 3.05

Market: AIM
Market Cap: £102.64 m
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