Seeing Machines Limited Seeing Machines awarded additional OEM program (5959K)

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RNS Number : 5959K

Seeing Machines Limited

22 December 2022

This announcement contains inside information

Seeing Machines Limited ("Seeing Machines" or the "Company")

22 December 2022

Seeing Machines appointed to deliver additional DMS OEM program

Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has been appointed by an existing Tier-1 customer to deliver its FOVIO Driver and Occupant Monitoring System (DMS/OMS) for an additional program with an existing large European-based global automotive group (OEM) customer.

This program, to be delivered via Seeing Machines' embedded Driver Monitoring Engine (FOVIO e-DME software library), is geared to lower integration cost and will substantially extend DMS and OMS reach across a broad range of vehicle models (including entry level vehicles), while addressing both regulatory requirements and in-cabin comfort and convenience oriented features. The program carries an initial lifetime value of US$32M (A$45M) and is scheduled to start production in 2024.

Seeing Machines continues to grow as an automotive technology leader in Driver and Occupant Monitoring Systems, having now won a total of 15 automotive programs spanning 10 individual OEMs, covering more than 160 distinct vehicle models. The cumulative initial lifetime value of all OEM programs that Seeing Machines has won to date now stands at US$321M (A$435M).

Nick DiFiore, SVP and GM Automotive commented:

"This is a great example of our existing Tier 1 and OEM relationships and cooperation leading to the increasingly extended reach of our technology across the global passenger vehicle landscape, which is not only driven by driver safety regulation but also an increasing demand for interior monitoring systems extending the comfort, convenience, and safety of all vehicle occupants."

The person responsible for this announcement is Paul McGlone, CEO.

Enquiries:

 
 Seeing Machines Limited                              +61 2 6103 4700 
 Paul McGlone - CEO 
  Sophie Nicoll - Corporate Communications 
 
 Stifel Nicolaus Europe Limited (Nominated 
  Adviser and Broker)                                +44 20 7710 7600 
 Alex Price 
  Nick Adams 
  Ben Burnett 
 
 Dentons Global Advisors (Media Enquiries) 
  James Styles 
  Jonathon Brill                                     +44 20 7664 5095

About Seeing Machines (AIM: SEE), a global company founded in 2000 and headquartered in Australia, is an industry leader in vision-based monitoring technology that enable machines to see, understand and assist people. Seeing Machines' technology portfolio of AI algorithms, embedded processing and optics, power products that need to deliver reliable real-time understanding of vehicle operators. The technology spans the critical measurement of where a driver is looking, through to classification of their cognitive state as it applies to accident risk. Reliable "driver state" measurement is the end-goal of Driver Monitoring Systems (DMS) technology. Seeing Machines develops DMS technology to drive safety for Automotive, Commercial Fleet, Off-road and Aviation. The company has offices in Australia, USA, Europe and Asia, and supplies technology solutions and services to industry leaders in each market vertical.

www.seeingmachines.com

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December 22, 2022 02:02 ET (07:02 GMT)

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