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Seeing Machines secures new programme design win for its driver monitoring technology

The group now has volume driver monitoring system production programmes spanning a broad range of car models across a total of six OEMs globally, including three major US-based motor vehicle manufacturers

Seeing Machines' driver monitoring system
Seeing Machines' FOVIO driver monitoring platform uses advanced machine vision technology

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.

Quick facts: Seeing Machines Limited

Price: 4.675 GBX

AIM:SEE
Market: AIM
Market Cap: £157.32 m
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