Seeing Machines secures extension with North American customer

1st May 2024 13:27

(Sharecast News) - Driver monitoring technology company Seeing Machines announced a significant extension to its generational programme with an existing North American tier-one customer and original equipment manufacturer (OEM) on Wednesday.

The AIM-traded firm said the extension encompassed the expansion of an ongoing programme to include a total of 19 distinct vehicle models across North America, Europe, and China.

It said the extension, set to continue through 2032, revolved around the OEM's adoption of Seeing Machines' next-generation driver monitoring system (DMS) solution.

The solution incorporated the company's improved FOVIO chip design, which the board said offered enhanced feature capability while simultaneously reducing costs, power consumption, and size.

The award also included integrating Seeing Machines technology in all of the OEM's European vehicle models, aligning with imminent Euro NCAP and European GSR requirements.

Production for those models was set to start before the end of 2024, with an initial estimated incremental lifetime value of $26m.

"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-one and OEM customer's long-term needs related to safe semi-automated driving, driver safety regulation, and enhanced convenience features," said Nick DiFiore, Seeing Machines senior vice-president and general manager of automotive.

"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 said it had now been appointed to deliver 18 expanding programmes for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing automotive programmes to $392m, with most of that revenue expected between now and 2028.

At 1247 BST, shares in Seeing Machines were up 2.87% at 4.41p.

Reporting by Josh White for Sharecast.com.