FOVIO. Remember the name, because it could become an integral to the next-generation of cars, which are becoming semi-autonomous.
FOVIO is the new chip developed by Seeing Machines Ltd (LON:SEE), which distils down all its driver monitoring technology to one tiny product. That’s 15 years of hard work and experience.
Followers of the AIM-listed, Australia-based group will know its current software and kit are able to track head and eye movements to monitor how alert the driver is and whether he or she is actually looking at the road.
It has a product used by the mining sector in giant dump trucks to keep tabs in-cab.
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The automotive industry, which has taught cars to park themselves, is interested taking that several steps forward with vehicles that drive themselves – at least part of the time.
The first iteration of the company’s technology is to be incorporated in vehicles rolling off the production line next year. FOVIO could be embedded as early as 2018.
The decision to create an automotive-grade chip will reduce substantially the overall cost and time to market of its driver monitoring system (DMS) and thus allow mass-market uptake, said Seeing Machines.
"I am delighted to announce the introduction of our FOVIO DMS chip which, as a world first, further cements Seeing Machines' position as global leader in the driver monitoring industry,” said chief executive Ken Kroeger.
“The FOVIO chip will reduce greatly the cost of DMS deployment, helping to accelerate not just our growth but mass market uptake of DMS technology in general.
“This product will become the key offering of our new stand-alone automotive business that is currently being structured and staffed."
Separately funded automotive business
Seeing Machines is currently in the process of creating and separately funded company solely focused on commercialising automotive technology. The company will retain a “significant” equity stake in the new business.
The firm and its advisors are working with the lead investor and other potential backers to finalise the investment round.
Shares were up 28% to 4.63p.
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