Proactive Investors - Run By Investors For Investors

Seeing Machines wins contract with major North American self-driving car company

An initial A$2.2mln order will see the Guardian backup-driver monitoring system added to a significant number of the client's autonomous vehicle fleet
autonomous vehicle
Seeing Machines uses artificial intelligence and machine learning to analyse the heads, faces and eyes of drivers

Seeing Machines Ltd (LON:SEE) shares rose on Monday as the firm said its technology will be installed as a safety feature in self-driving cars as part of a contract with an American manufacturer.

For an up-front fee of A$2.2mln, the AIM-listed company’s Guardian backup-driver monitoring system (BDMS) will be added to a large proportion of the fleet of the new customer, which was described as a “leading North American self-driving car company”.

READ: Seeing Machines looking up as it streamlines fleet division to accelerate adoption of driver monitoring tech

As part of the agreement, the self-driving car company has the option to make further purchases.

Leading North American self-driving car companies include well-known names like Tesla Inc (NASDAQ:TSLA) and Alphabet Inc’s (NASDAQ:GOOG) Waymo and a raft of others like Aurora, Nuro, Voyage and Zoox, are all filling up their tank with venture capital cash in the race to develop driverless cars, lorries and delivery vans.

The Guardian BDMS technology is based on Seeing Machines' FOVIO driver monitoring technology, which uses measures and analyses driver attention state, focus, drowsiness and impairment levels, and can be easily retrofitted into semi- and fully-autonomous vehicles.

Guardian is designed to help the backup-driver in an autonomous driving vehicle stay alert, aware and ready to take control of the driving task whenever necessary, as well as providing data for the self-driving fleet owners to monitor and evaluate backup-driver performance.

Nick DiFiore, the Australia-headquarted outfit’s automotive chief, said: "It has been gratifying for the Seeing Machines team to work with a sophisticated customer who shares our passion for road safety, and we are delighted to see our technology used to achieve the safer development and testing of autonomous vehicle technology on our public roads".

As part of an ongoing restructuring, which has included streamlining the fleet division in a push to accelerate adoption of its driver-monitoring technology, Seeing Machines recently agreed to part company with its chief executive and chairman as it looks for a CEO to drive the next stage of growth.

In afternoon trading, shares in Seeing Machines gained 2% at 3.25p.

 -- Adds share price -- 

View full SEE profile View Profile

Seeing Machines Limited Timeline

Related Articles

MRI scanner
March 19 2019
The company invests and helps build companies in the medical and technology sectors, with a target exit valuation of over US$100mln
Keywords Studio
April 08 2019
Keywords has a buy-and-build strategy and has been expanding rapidly since its first acquisition in 2014.
Iran sanctions cartoon
September 21 2018
The group has been providing baggage screening services at Freetown International Airport in Sierra Leone for the past five years
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use