leadf
logo-loader
viewSeeing Machines Ltd.

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 Ltd.

Price: 5.4 GBX

AIM:SEE
Market: AIM
Market Cap: £201.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Seeing Machines Ltd. named herein, including the promotion by the Company of Seeing Machines Ltd. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Seeing Machines CEO says new automotive strategy is 'significant breakthrough'

Seeing Machines Limited's (LON:SEE) CEO Paul McGlone caught up with Proactive London's Andrew Scott after announcing a new embedded product strategy for the automotive market. He discusses the new three-pillar strategy which is targeting the 'rapidly expanding camera-based interior monitoring...

on 09/03/2020

2 min read