Driver monitoring software specialist Seeing Machines Limited (LON:SEE) is to raise more than £30mln to beef up its R&D and product development programmes for driverless cars.
A proposed bookbuild will raise £30mln while an accompanying open offer can add up a further £2.4mln.
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In addition, VS International, Seeing Machines’ largest shareholder, will make a separate subscription at the placing price of 5p to maintain its holding at 11.7%.
Mike McAuliffe, Seeing Machines’ chief executive, said the money would be invested to meet the growing demand for its fleet and Automotive DMS (driver monitoring system) products.
Seeing Machines has already forecast sales will double to A$100mln within two years and today revealed an order pipeline of A$200mln, while the value of contracts signed has risen to A$35mln from A$21.5mln in June.
The technology is also being tested by approximately 20 global equipment manufacturers (OEMs) and Tier 1 partners.
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Seeing Machines’ Fovio (DMS) is already central to General Motors' Super Cruise hands-free driving system and has been installed in the US car giant’s latest Cadillac CT6 model.
Last month, a new contract to be worth A$10mln– A$15mln was announced with an unnamed German automotive group for its new range.
Fovio can analyse a driver’s head pose, eyelid movements and eye-gaze (even through sunglasses). That data is then processed to give real-time information on the driver’s attention state focus and drowsiness levels.
It is a development from Seeing Machines original face tracking technology that was designed to monitor fatigue in drivers and that is now being rolled out among mining and other truck fleets.
Logistics firm FreshLinc sis to instal Seeing Machines’ Guardian driver fatigue system in 320 lorries, while its use in commercial aircraft and trains is being researched.
Money from the placing will fund the next generation Fleet 2.0 product.
Cash at November 30 and prior to this latest funding was A$17.6mln (£10mln).