Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) said it received a contract for an additional programme for its FOVIO Driver and Occupant Monitoring System from an existing European Tier-1 vehicle manufacturing customer.
The programme, which carries an initial lifetime value of US$32mln (A$45mln), is scheduled to start production in 2024 and will see Seeing Machines' software embedded across a broad range of models, including entry level vehicles.
Seeing Machines added that the contract takes its orders to 15 automotive programs spanning 10 individual manufacturers (OEMs) and covering more than 160 distinct vehicle models.
The lifetime value of all its OEM programmes now stands at US$321mln (A$435mln), Seeing Machines said.
Nick DiFiore, Seeing Machines' senior vice-president, noted: "This is a great example of our existing Tier 1 and OEM relationships and cooperation leading to the increasingly extended reach of our technology across the global passenger vehicle landscape, which is not only driven by driver safety regulation but also an increasing demand for interior monitoring systems extending the comfort, convenience, and safety of all vehicle occupants."