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).
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.
“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--