Seeing Machines Ltd - AGM Statement
2018 AGM Statement
In his address to the meeting,
Before moving to the procedural part of the meeting, I'd like to say a few words about our last year.
I am very pleased to be taking over as Chairman of the Board and I look forward to the challenges and opportunities that lay ahead for
The past 12 months have been the most exciting and pivotal periods for
The world's first Level 2 automated vehicle is now on sale in
A major breakthrough for
The ability to deliver the DMS technology via the FOVIO Chip, manufactured by a semi-conductor specialist, considerably broadens the addressable market for
The over-the-air upgradable FOVIO Chip will also be leveraged to provide the Seeing Machines DMS platform across multiple transport sectors and represents an efficient way to deliver additional performance capability to grow average revenue per vehicle as automotive OEMs and Tier 1 partners work with our engineers to develop and advance in-vehicle signals to complement and enhance ADAS performance by allowing vehicles to understand real-time driver performance and behaviour.
Transport safety has become a major global issue. The regulatory landscape is evolving rapidly as governments and safety regulators seek effective ways to mitigate the effects of mobile phone distraction, fatigue and to integrate safety into driverless, semi-automated and self-driving passenger vehicles.
Further to this, in
The Fleet business will continue to grow steadily but having closely examined the increased cost base for Guardian, we have made some difficult decisions which will, in time, align this business model with the broader automotive direction of
The case remains compelling for a retrofit commercial fleet product to keep drivers of commercial vehicles, their passengers and communities safe.
Further to this, 24/7 monitoring service continues to provide the Group with an unrivalled quantity and quality of real-world on-road driving data, which compiled to date represents over 1.3 billion kilometres of data with 10,000 vehicles currently connected. Access to this data, and the understanding of naturalistic driver behaviour that it provides, is a major source of competitive advantage and drives the continuous improvement of the Group's core head, face and eye tracking, interpreting and identification technologies.
The Aviation business is developing pioneering solutions to provide training and monitoring solutions for the industry's OEMs, airlines, simulator manufacturers and console operators and I'm excited to see such significant progress which will soon be affirmed with commercial engagements. Growing global pilot shortage, coupled with the projected increase in air traffic has propelled the aviation proposition and seen
Improved performance of the global mining industry was positive for our major customer Caterpillar's off-road business. With the addition of significant new customers in
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.
We look forward to addressing the considerable market opportunities in all our businesses in 2019 and will continue to invest in engineering and sales resources to support all these activities.
The full presentation is available at the Group's website: https://www.seeingmachines.com/investors/
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+61 2 6103 4700
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Cenkos Securities plc (Nominated Adviser and Joint Broker)
+44 131 220 6939
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+44 20 7523 8000
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+44 20 7427 1412
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DMS is becoming a core safety technology integrated into ADAS offerings for the automotive industry, particularly with the development of semi-autonomous and self-driving cars. DMS is also increasingly seen to be an integral safety feature across the
This information is provided by RNS, the news service of the
Quick facts: Seeing Machines Ltd.
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