Seeing Machines Ltd (AIM:SEE, OTC:SEEMF), the developer of advanced driver monitoring technology, has announced an extension of its collaboration with a major North American Tier-1 supplier and original equipment manufacturer (OEM), potentially adding $26 million in incremental lifetime value to its contracts.
Incorporating Seeing Machines' artificial intelligence-powered systems designed to enhance transport safety, the contract will now continue until 2032.
It includes the integration of Seeing Machines’ next-generation Driver Monitoring System (DMS) solution across 19 distinct vehicle models distributed in North America, Europe, and China.
Seeing Machines' DMS will feature the company's enhanced FOVIO chip design, which offers increased functionality while reducing cost, power consumption, and size.
The extension coincides with new safety regulations in Europe, specifically the Euro New Car Assessment Programme (NCAP) and the General Safety Regulation (GSR), requiring advanced safety technologies in vehicles. Production will commence before the end of 2024.
Nick DiFiore, the company's head of automotive, said: "Seeing Machines has now been appointed to deliver 18 expanding programs for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing automotive programmes to $392m, with most of that revenue expected between now and 2028."