Seeing Machines Limited ("Seeing
Machines" or the "Company")
1 May 2024
Automotive program extension
to 2032 with existing North American Tier 1 and OEM, start of
production this calendar year
Initial estimated incremental lifetime value
of US$26m
Seeing Machines Limited (AIM: SEE,
"Seeing Machines" or the
"Company"), the advanced
computer vision technology company that designs AI-powered operator
monitoring systems to improve transport safety, announces a
significant generational program extension with an existing North
American Tier-1 customer and OEM.
The initial program, already in
production, will expand to a total of 19 distinct vehicle models
being sold in North America, Europe and China, and extend through
2032 based on the OEM's next generation Driver Monitoring System
(DMS) solution utilising Seeing Machines' improved FOVIO Chip
design delivering increased feature capability with reduced cost,
power and size.
This award extends to all of the
OEM's European vehicle models in support of fast approaching Euro
NCAP (New Car Assessment Program) and European GSR (General Safety
Regulation) requirements and is scheduled to start production
before the end of 2024 with an initial estimated incremental
lifetime value of US$26m.
Nick DiFiore, SVP and GM of Automotive at Seeing
Machines, commented: "I am delighted to be extending an important
incumbency with this generational program extension, which benefits
from our evolving FOVIO Chip technology supporting our Tier 1 and
OEM customer's long-term needs related to safe semi-automated
driving, driver safety regulation, and enhanced convenience
features. Seeing Machines' commitment is firmly focused on building
customer confidence by getting programs successfully to production
and this new award demonstrates the confidence our customers have
in our ability to do just that."
Seeing Machines has now been
appointed to deliver 18 expanding programs for 11 individual OEM
customers, building the cumulative initial lifetime value of all
ongoing Automotive programs to US$392m, with most of that revenue
expected between now and 2028.
Enquiries:
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Seeing Machines Limited
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+61 2 6103
4700
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Paul McGlone - CEO
Sophie Nicoll - Corporate
Communications
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Stifel Nicolaus Europe Limited (Nominated Adviser and
Broker)
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+44 20 7710
7600
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Alex Price
Fred Walsh
Nick Adams
Ben Burnett
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Dentons Global Advisors (Media Enquiries)
James Styles
Jonathon Brill
Methuselah Tanyanyiwa
seeingmachines@dentonsglobaladvisors.com
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+44 20 7664
5095
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About Seeing Machines (AIM: SEE), a global company founded in 2000 and headquartered in
Australia, is an industry leader in vision-based monitoring
technology that enable machines to see, understand and assist
people. Seeing Machines is revolutionizing global transport safety.
Its technology portfolio of AI algorithms, embedded processing and
optics, power products that need to deliver reliable real-time
understanding of vehicle operators. The technology spans the
critical measurement of where a driver is looking, through to
classification of their cognitive state as it applies to accident
risk. Reliable "driver state" measurement is the end-goal of Driver
Monitoring Systems (DMS) technology. Seeing Machines develops DMS
technology to drive safety for Automotive, Commercial Fleet,
Off-road and Aviation. The company has offices in Australia, USA,
Europe and Asia, and supplies technology solutions and services to
industry leaders in each market vertical.
www.seeingmachines.com
