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Seeing Machines awarded expanded programme for driving monitoring system

Revenues from the expanded program are expected to exceed around £13mln

Seeing Machines Limited - Seeing Machines awarded expanded program for driving monitoring system
FOVIO uses machine vision technology to monitor driver awareness

Seeing Machines Limited (LON:SEE) has been awarded an expanded programme for its FOVIO driver monitoring system (DMS) with an existing customer, a European original equipment manufacturer.

The AIM-listed firm said a new Tier 1 supplier would deliver its FOVIO system to the original equipment manufacturer (OEM) client for additional car models, due to enter production in 2022, while “incremental” revenue from the program was expected to exceed A$23mln (£12.7mln).

READ: Seeing Machines' results to be slightly ahead of expectations

The company now has nine automotive OEM production deals across six customers, from which it expects to deliver over A$200mln (£110mln) in revenue.

Nick DiFiore, senior vice-president and general manager of Seeing Machines’ automotive division, said the firm was “delighted” to be expanding its relationship with the OEM and to be working with the new supplier as it grew its automotive supply chain relationships.

FOVIO uses advanced technology to analyse and measure eye and head movements to interpret a driver’s awareness on the road and provide assistance if needed.

The shares were motoring in early trading on Monday, rising 3.6% to 4.2p.

Quick facts: Seeing Machines Limited

Price: 4.36 GBX

AIM:SEE
Market: AIM
Market Cap: £146.72 m
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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.

on 09/24/2019

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