Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) has announced a new partnership with automotive supply giant Valeo - a tie-up that will see the former take on the latter's artificial intelligence business Asaphus Vision in a $6 million deal.
This partnership will help Seeing Machines and Valeo improve car safety systems. Valeo makes high-quality cameras for cars, and Seeing Machines has advanced technology to monitor drivers.
Together, the pair want to make car interiors safer and more comfortable, especially in Europe and China, where there are strict safety rules.
Valeo will give its driver monitoring software to Seeing Machines as part of this deal. Buying Asaphus Vision will give Seeing Machines new technology and a new office in Berlin. This move will also help it save money and speed up their work on new safety features for cars.
This collaboration and acquisition are expected to strengthen Seeing Machines' position in the market and help them serve their customers better.
Paul McGlone, the company's CEO, said: "With our shared culture of innovation, this collaboration will enable our team to continue to lead the interior sensing market as we complement our highly specialised skills and work with Valeo, a world-leading automotive technology company, to deliver driver and occupant monitoring solutions to more automotive customers, globally.
"As regulations making driver monitoring systems mandatory across the EU come into effect this month, the market for enhanced safety and convenience solutions is expanding daily.
"Thanks to our proven, class-leading technology, we are very well placed to solidify our industry leadership position, supporting our customers in getting their programs successfully to production."