Seeing Machines Limited (LON:SEE) has secured a programme design contract to deliver its driver monitoring system (DMS) in partnership with a Tier 1 Chinese original equipment manufacturer (OEM).
The AIM-listed firm, which specialises in AI-powered driver monitoring tech, said the mass production for the program was scheduled to begin from 2019, with the technology to be delivered on its proprietary FOVIO Chip which would broaden its addressable market “considerably”.
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The estimated lifetime revenue of the project is more than A$10mln based on initial models, with the first material production revenue expected to be recognised in Seeing Machines’ 2020 financial year.
Nick DiFiore, general manager of Automotive at Seeing Machines, said the deal brought the company’s total number of automotive sector clients to six, with the decision to deliver the program on the FOVIO Chip “reinforcing the group’s ability to supply its DMS technology across a wide spectrum of global automotive customers rapidly and at reduced incremental cost."