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Seeing Machines scores lucrative contract with German car firm
(WebFG News) - Computer vision technologies firm Seeing Machines announced on Thursday that it has been awarded a contract with a German automotive original equipment manufacturer (OEM).
Seeing Machines' FOVIO driver monitoring technology will be incorporated into new car models planned for mass production in 2021 by the unnamed firm, after the AIM-traded company was selected in conjunction with three major Tier 1 automotive suppliers.
Based on initial included models and lifetime volume projections, the estimated revenue from the project is A$25m, but volume projections are subject to change.
Driver monitoring systems have been highlighted as a possible primary safety feature in cars after 2020 by European New Car Assessment Programme, and as such Seeing Machines is optimistic that the programme with the automotive OEM will grow significantly in revenue.
Nick DiFiore, general manager of automotive at Seeing Machines, said: "This further award in Europe is evidence of our technology leadership as we continue to expand our position with premium automotive OEMs to deliver world-class driver monitoring technology. We are thrilled to be working with an industry leading OEM and look forward to increased opportunities for our Automotive business in general around the world, as we further grow our ecosystem of Tier 1 partners to deliver our FOVIO platform products."
The FOVIO driver monitoring platform uses machine vision technology to measure head pose, eyelid movements and eye gaze during driving.
This data is used to deliver real-time information on the driver's attentiveness, focus, tiredness and impairment levels, and can be used to enable autonomous driving systems and other safety assistance features.
As of 0956 BST, Seeing Machines' shares were up 14.58% at 5.50p.