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Seeing Machines secures another big automotive programme
Computer vision technology firm Seeing Machines has secured a programme design win, it announced on Monday, working with a major Tier 1 partner with a global US-headquartered automotive original equipment manufacturer (OEM).
The AIM-traded firm said that, as a result of the design win, the group expected to deliver its FOVIO driver monitoring technology into multiple vehicle platforms for mass production from 2020.
It said the estimated revenue value of the programme was more than AUD 50m based on initial included models and lifetime volume projections.
The company said first material production revenue was expected to be recognised in its 2021 financial year.
It explained that there also remained potential for further programmed growth based on additional vehicle models added during the programme.
Alongside the previously-announced launch of General Motors' Cadillac Super Cruise system and contract wins associated with two "premium German OEMs", the board said the new deal brought Seeing Machines' automotive customer base to six global Tier 1s and four OEMs, with numerous new vehicle models launching in the 2020-2022 timeframe.
It said the design win was also a "significant milestone" as it launches the Seeing Machines FOVIO Chip.
"Our fourth automotive OEM design win has been by far the largest and fastest, which is a clear indication of the acceleration of OEM awareness and their urgency to deploy our technology to meet rapidly growing demands associated with driver safety and automated driving," said Seeing Machines senior vice president and general manager of automotive Nick DiFiore.
"Delivering this program on our FOVIO chip is also a big step forward for us, demonstrating our ability to service more of the automotive market at an increasing pace, working with our growing ecosystem of Tier 1 partners.
"I'd like to personally thank and congratulate our engineering team who have worked tirelessly to make the FOVIO chip possible."