Seeing Machines secures £26.2m strategic investment

Computer vision technology group Seeing Machines has secured a £26.2m strategic investment from Mitsubishi Electric Mobility as part of a collaboration agreement between the pair.

Seeing Machines said on Monday that has entered into a collaboration agreement with Mitsubishi Electric Mobility to pursue joint growth opportunities in the supply of driver and occupant monitoring system technology solutions to enhance safety in the automotive industry.

As a result, Mitsubishi also became "a significant investor" in Seeing Machines to enhance the group's balance sheet and provide funding for further growth.

Seeing Machines added that the subscription agreement represented 15% of the company's issued share capital prior to the issue of new ordinary shares.

As of 1100 GMT, ITM Power shares were up 0.58% at 34.92p.

Reporting by Iain Gilbert at Sharecast.com