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Seeing Machines set to benefit from growing interest in driver monitoring systems

Snapshot

  • Opportunities in autonomous vehicles market
  • Automotive programmes are on track
  • Growing interest in Seeing Machines' technology
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Quick facts: Seeing Machines Limited

Price: 4.7 GBX

AIM:SEE
Market: AIM
Market Cap: £158.17 m
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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

Paul McGlone, chief executive

What Seeing Machines does:

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:

• The company 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

• The group’s technology is to be installed as a safety feature in self-driving cars as part of a contract with an American manufacturer

• In April the firm raised £31.57mln which it said 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

• In July the group appointed it general manager of its Fleet division, Paul McGlone, as its permanent CEO. Kate Hill apointed as new chair in July

• A deal has been signed to provide Seeing Machines’ FOVIO driver monitoring systems to a US automotive original equipment manufacturer (OEM) which could net the company over A$7mln in revenue

 

Interview – Professor Mike Lenné

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Seeing Machines LIVE 2019 results presentation - CEO Paul McGlone

Seeing Machines Limited (LON:SEE) CEO Paul McGlone talks through the firm's full year results to June 2019. Revenue rose 4% to A$31.9mln from A$30.7mln the year before but in the current fiscal year, the company is expecting it to rise to somewhere between A$45mln and A$50mln.

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