Seeing Machines accelerates on driver monitoring system contract

Seeing Machines climbed on Tuesday after securing a new program design win with an additional global US-headquartered automotive original equipment manufacturer (OEM) to deliver its Driver Monitoring System (DMS) technology.

The advanced computer vision technology company added that it will develop its FOVIO DMS technology in collaboration with the "major tier one partner", with mass production scheduled from late next year and an estimated lifetime revenue of AU$6m for the initially planned car models.

However, the AIM traded company also stressed that volume projections can change materially and, as is typical with contracts in the motor vehicle industry, there are no guarantees on the level of overall revenues beyond engineering milestone payments.

Nick DiFiore, general manager of Automotive at Seeing Machines, said: "We are more than pleased to announce volume production wins now with three major US based automakers, and six OEMs globally, including further deployment of our FOVIO DMS Chip solution. We see this as a further endorsement of our technology leadership and a reflection of the growing effectiveness of the close Tier-1 partnerships, in which we have invested."

The FOVIO driver monitoring platform uses advanced machine vision technology to measure and analyse the driver's head pose, eyelid movements and eye-gaze under a full spectrum of demanding lighting conditions, including through sunglasses.

Data is then processed to deliver real-time information on driver attention state, focus, drowsiness and impairment levels, enabling the use of intelligent advanced driver assistance systems and semi-autonomous driving systems as well as enabling advanced new display, safety and convenience features.

"We also continue to see substantial and growing demand for our DMS technology around the world, as regulation accelerates recognition of the key role it plays in improving safety across all transport sectors," said DiFiore.

Seeing Machines' shares were up 5.05% at 5.20p at 1148 GMT.