Shares jumped over 8% with the news its DMS technology will be rolled out in selected 2020 models.
Companies: Seeing Machines Limited
Seeing Machines (LON: SEE) shares have jumped this morning with the news it is set to partner with an unnamed "premium" German automotive OEM, in conjunction with a major Tier 1 automotive partner.
The deal, which is said to be worth between $A10m and $25m, is for the Group's FOVIO Driver Monitoring System, or DMS. The technology can precisely measure and analyse a driver's head position as well as eye and eyelid movements in a range of light levels and even through sunglasses. It is used in driver-assist systems and semi-autonomous driving systems to read a drivers attention state, focus, drowsiness and impairment levels.
Management said the deal has the potential to be worth in excess of A$25 in time.
The announcement comes three weeks since the Group announced its FOVIO technology would make its auto debut in the new 2018 Cadillac CT6 in the States. It will feature in the Cadillac's Super Cruise hands-free driving system, which will allow the car to steer itself on highways.
The supply of FOVIO to its German partner will see the technology rolled out in the mass production of awarded models beginning in 2020.
Shares in SEE jumped over 8% in Monday's early morning trading off the back of the announcement.
Euro NCAP, the industry body responsible for the testing and safety ratings of cars produced in Europe, has said Driver Monitoring Systems will play a large part in their tests over the coming years, as outlined in its Road Map 2025 plan.
The Group has been working with a number of partners across several industries including automotive, rail, aviation, logistics and mining to help deliver solutions to an array of machine driver issues including fatigue and distraction.
Seeing Machines is currently a loss-making company who reported Revenues of £13.6m and a Net Loss of £30m in its last fiscal year. It is, however, forecast to turn its first profit in FY18, while Revenue is forecast to grow over 600% in the three years to FY19.
