Seeing Machines appointed to new automotive programme
By Josh White
Date: Thursday 16 Jun 2022
(Sharecast News) - Driver monitoring technology company Seeing Machines has been appointed by an existing global automotive tier-1 customer, it announced on Thursday, to deliver its 'FOVIO' driver monitoring system (DMS) for a large global automotive group.
The AIM-traded firm said the programme, to be delivered via its embedded driver monitoring engine - the 'FOVIO e-DME software library' - would be led out of North America, and cover a "broad array" of vehicle models with certain minimum volume guarantees, a start of production scheduled from mid-2024, and an initial lifetime value of AUD 23m (£13.18m).
Representing a "broad generational expansion" of the company's FOVIO DMS technology deployment with an existing OEM customer, it said the programme would target safe level 2 to 3 "semi-autonomous" driving, and anticipated regulatory requirements.
"We are delighted to be partnered with such a capable tier-1, whom we just recently announced as a new customer for another win," said Nick DiFiore, senior vice-president and general manager of automotive.
"I'm especially proud of our sales, engineering, and innovation teams, who continually demonstrate an ability to bring unique value to our customers, resulting in accelerating wins and an increasing market share position."
DiFiore said it was also "very pleasing" to see the company's start-of-production numbers expand significantly, as cars and trucks with its technology continued to hit the road.
"We now have over 340,000 cars on the road and expect that to more than double over the next year, significantly improving our margins with a more favourable royalty revenue mix."
At 1129 BST, shares in Seeing Machines were down 1.83% at 6.97p.
Reporting by Josh White at Sharecast.com.
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