Seeing Machines (SEE) said on Monday it has been selected by a new Tier 1 supplier to deliver its FOVIO driver monitoring platform into a new generation architecture with additional car models for an existing European OEM customer.
The FOVIO driver monitoring platform uses advanced machine vision technology to measure eye and head movements to interpret driver drowsiness and provide driver assistance in real time.
The company said that production for the additional car models is scheduled from 2022, with incremental revenue from the production expected to exceed A$23 million.
Shares in Seeing Machines were trading 2.72% higher at 4.15p on Monday
The company has been awarded 9 automotive OEM production contracts to date so far, with anticipated revenues of over A$200 million from the programs.
Nick DiFiore, SVP & GM Automotive, Seeing Machines commented: "We are delighted to be expanding our footprint with an existing OEM customer as we demonstrate our versatility in adapting to their diverse integration needs across vehicle models.”
He added: ”We are also excited to be working with a new Tier 1 supplier as we further grow our automotive supply chain relationships."
In July Seeing Machines was awarded a contract with National Express to install its technology across its coach and ferry fleet.
Investors will be anticipating the Australian headquartered company’s final results which are scheduled to release on 23 September.
Lombard Odier Asset Management, who have 51 billion CHF of assets under management, has been increasing its stake up to 12% in the AIM listed company developing driver monitoring technology.
Interestingly, the European Parliament in February announced that "driver drowsiness and attention warning" and "advanced driver distraction warning" will soon become mandatory for all road users in the European Union.
Follow News & Updates from Seeing Machines here: