Seeing Machines secures 17th automotive program award

20th Dec 2023 07:36

(Sharecast News) - Monitoring systems technology developer Seeing Machines has secured its 17th automotive program award with an existing European Tier-1 customer.

Seeing Machines said the program will be delivered via its FOVIO e-DME software library and was scheduled to start production in 2026, carrying an initial lifetime value of $30.0m.

The AIM-listed group noted that initially targeting enhanced regulatory-focused driver monitoring system features, the program was expected to be implemented across "multiple new car models" and was already beginning to evolve into a generational opportunity featuring driver and occupant monitoring system functionality.

Nick DiFiore, general manager of Seeing Machines' automotive unit, said: "I am delighted to be working with this new European OEM, part of a large global Automotive group where we are again proud to extend our incumbency. We continue to work closely with our small ecosystem of Tier-1 customers, where deep relationships underpin joint pursuit of business and ensure our ability to deliver, which is very important as regulatory deadlines in Europe fast approach.

"We also focus on being able to support our customers well into the future, so having the ability to expand feature sets, in this case to incorporate occupant monitoring at a minimum, is very pleasing."

As of 0915 GMT, Seeing Machines shares were up 1.96% at 5.20p.

Reporting by Iain Gilbert at Sharecast.com