Management said the contracts for its Guardian fatigue system would represent the Company's largest single fleet customer deals to date.
Companies: Seeing Machines Limited
Seeing Machines (LON: SEE) continues to go from strength to strength with the announcement the Group's Dubai-based distributor Technologica has won two major deals for its Guardian technology.
Totalling 5,620 units, the update said the deals in the Middle East and Russia would "represent the Company's largest single fleet customer deals to date" and are expected to be delivered "over a one to two-year timeframe".
Guardian is the Group's real-time driver fatigue and distraction detection and intervention technology for commercial fleets.
Along with fleet partners, Seeing Machines delivers solutions for a number of machine driver issues including fatigue and distraction to a wide range of industries including automotive, rail, aviation, logistics and mining to help deliver solutions.
The announcement comes four weeks since the Group announced a partnership with a "premium" German auto manufacturer for its Driver Monitoring System (DMS) which sent shares up 8%.
It has won a number of other contracts this year including deals with Cadillac for its DMS, with the world's largest builder of diesel-electric trains, Progress Rail, and has been working with Emirates to develop solutions for the aviation industry.
The initial purchase order for 1,000 Guardian units has been received with the majority of these units expected to benefit the current financial year. This first contract will see the Guardian units installed in the fleet of a Russian supermarket chain, while the second contract sees Guardian units destined for a Dubai-based public transport company.
Shares in SEE quickly jumped almost 10% in early trading on Thursday, continuing its strong growth over the past six weeks which has seen the stock price grow by over 100% since mid-October.
Currently Seeing Machines is a loss-making company who in FY17 reported Revenues of £13.6m and a Net Loss of £29.7m. Revenues for the Group are forecast to grow over 600% in the three years to FY19, bolstered by contracts such those with Technologica.