Seeing Machines (SEE) , a company producing AI-powered operator monitoring systems, has raised a total of £31.57 million with the stated aim of using these funds to further develop the company’s core platform technology, increase the size of their research and development team, and scale up its Automotive division.
The company announced these plans on March 20th and has since raised £27.77 million in a share placing and director subscription; an additional £3.8 million was raised through an offer to existing shareholders.
The placing price for each share was 3p-- a 35% discount on the opening price on March 20th.
Ken Kroeger, CEO of Seeing Machines, argued the placement would allow the company to seize the “momentum” currently building in “the mandatory implementation of driver monitoring systems in new models of vehicles."
"The automotive and fleet sectors are increasingly recognising the risks posed by driver inattention and fatigue in single vehicles as well as across commercial and passenger transport.
Our industry leading driver monitoring technology, developed over many years, has been consistently validated through regulatory and government recommendations globally and with seven automotive OEM programs.
These additional funds will be instrumental in ensuring that we are well placed to continue to leverage the market opportunities as they rapidly grow and evolve."
For more news and updates from Seeing Machines:
The age of AI is here, read more about how Europe is preparing for it.