Seeing Machines announces major automotive program extension

Canberra-based firm Seeing Machines, a pioneer in the field of advanced computer vision technology, has declared plans to extend its flagship generational program with a North American tier-one customer and automotive original equipment manufacturer (OEM), with an initial estimated incremental lifetime value of US $26m.

Through the expansion, the initial programme is set to broaden to a whopping 19 distinct vehicle models. These vehicles will be marketed across North America, Europe, and China. The extension period is estimated to last through to 2032, based on the OEM's next-generation Driver Monitoring System (DMS) solution. The programme will leverage Seeing Machines' advanced FOVIO Chip design, which boasts enhanced feature capacity combined with reduced cost, size, and power needs.

The extension not only caters to the North American market, but it also incorporates all of the OEM's European vehicle models. It is a timely move in anticipation of the rapidly approaching Euro NCAP (New Car Assessment Program) and European GSR (General Safety Regulation) requirements. Production under this expanded initiative is slated to commence well before the end of 2024.

Talking about the extension, Nick DiFiore, SVP and GM of Automotive at Seeing Machines, said, "I am delighted to be extending an important incumbency with this generational program extension, which benefits from our evolving FOVIO Chip technology supporting our Tier 1 and OEM customer's long-term needs..." He further commented on the company's commitment to building customer confidence and serving their needs regarding safe semi-automated driving, driver safety regulation, and enhanced convenience features.

DiFiore views the extension as testament to the customers' trust in the organization's ability to successfully bring programs to production. He emphasized, "Seeing Machines' commitment is firmly focused on building customer confidence by getting programs successfully to production and this new award demonstrates the confidence our customers have in our ability to do just that."

With this new appointment, Seeing Machines gears up to deliver 18 expanding programs to 11 individual OEM customers. The collective initial estimated lifetime value of all ongoing automotive programs is projected to be approximately $392 million. A significant chunk of this revenue is expected to be realized between now and the year 2028.