Shares in Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) rose 10% after the driver monitoring technology company announced a new agreement with Mitsubishi Electric Europe to boost sales of its Guardian Generation 3 system across the continent.
The partnership aims to capitalise on rising demand driven by European Union safety regulations, which now require all new vehicle models to be fitted with systems that monitor driver attention and fatigue.
Guardian Generation 3 uses in-cabin sensors and cameras to detect signs of distraction or drowsiness in real time and is targeted at commercial vehicle fleets.
Seeing Machines said the collaboration would give it access to Mitsubishi Electric’s well-established fleet and original equipment manufacturer relationships across Europe.
The deal builds on a similar partnership with Mitsubishi Electric Automotive America, announced in February, which has already begun generating sales in the US.
The company said the European rollout marks a natural next step in its expanding global strategy.
The stock settled 0.13p higher at 2.93p.