New Tier One contract takes OEM customers to 10
Source: RNS
This announcement contains inside information
Seeing Machines Limited ("Seeing Machines" or the "Company")
6 June 2022
New Tier 1 customer appoints Seeing Machines for an additional European Automaker
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, has been appointed by a new global automotive Tier-1 customer to deliver its FOVIO Driver Monitoring System (DMS) for a new European Automaker (OEM).
The program has been awarded with certain minimum volume guarantees, covering a number of vehicle models with start of production scheduled from early 2024 and an initial value of A$27 million, bringing the total number of OEM customers to 10. The program will be delivered via Company's embedded Driver Monitoring Engine (FOVIO e-DME software library), pre-integrated and optimised for Qualcomm's 3rd generation Snapdragon® Cockpit Platforms.
Seeing Machines continues to grow as an automotive technology leader in Driver and Occupant Monitoring Systems, having now won a total of 13 automotive programs spanning 10 individual OEMs, covering more than 110 distinct vehicle models. Delivered with an increasingly rich mix of proven global automotive Tier-1 customers and partners, the cumulative initial lifetime value of all Seeing Machines won automotive OEM programs stands at A$372 million.
Nick DiFiore, SVP and GM Automotive commented:
"Building on our recent momentum in Europe, this win is further affirmation of our strategy and ability to build share globally across the full range of the DMS/OMS market. Spanning regulatory driven content through the most advanced feature rich interior monitoring systems in the world, our technology now meets the needs of value-oriented OEMS through to the technology leaders.
"It is also important to note that in terms of market position, we are achieving this with an increasing Tier-1 partner base who are committed to Seeing Machines technology and the interior sensing market."
Enquiries:
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Seeing Machines Limited |
+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) |
+44 20 7710 7600 |
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Alex Price Nick Adams Ross Poulley |
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Lionsgate Communications (Media Enquiries) Jonathan Charles |
+44 7791 892509 |
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The person responsible for this announcement is Paul McGlone.
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' 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.
Snapdragon is a trademark or registered trademark of Qualcomm Incorporated.
Snapdragon Automotive Cockpit Platforms are products of Qualcomm Technologies, Inc. and/or its subsidiaries.
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