Seeing Machines Limited (LON:SEE) shares climbed on Wednesday as the company unveiled a new embedded product strategy for the automotive market.
The AIM-listed firm, which specialises in artificial intelligence (AI) powered operator monitoring systems, said the new three-pillar strategy is targeting the “rapidly expanding camera-based interior monitoring market”.
WATCH: Seeing Machines CEO looks ahead to two important automotive milestones
The first pillar involves the company’s FOVIO Chip being newly enhanced with its Occula Neural Processing Unit, while the second strand is a “low-friction integration pathway into any vehicle integration point” including smart mirrors, instrument clusters, infotainment displays or centralised processing systems.
The final pillar will see the company make Occula available for license as an application-specific integrated circuit (ASIC) to semiconductor companies for integration with any automotive computing platform.
“[Original equipment manufacturers (OEMs)] today are faced with a maze of electronics, software and sensor integration options for interior monitoring systems. Coupled with market dynamics such as regulation and Euro NCAP requirements for safety (which are now driving rapid adoption and mass-market penetration), the Embedded Product Strategy has been designed to support a very wide range of common integration, cost, and safety performance challenges, with the flexibility to support the unexpected”, the company said.
Seeing Machines added that it is now in tie-ups with six OEMs globally, while its FOVIO Chip remained the “highest performing, lowest cost” market solution for standalone driver monitoring system (DMS) vehicle integration and now represents one-third of its booked business.
"It's an exciting time in the automotive industry and I'm delighted to be announcing our detailed technology strategy, which has been constructed to closely support OEMs as they design cars to meet mounting safety standards and deliver convenience features for their customers”, Seeing Machines chief executive Paul McGlone said in a statement.
"Seeing Machines has been leading this market for many years now and our three-pillar approach is no accident. We have leveraged our teams' years of experience, deep knowledge of industry requirements, and close customer relationships to support the many and varied requirements for DMS integration into cars as demand continues to accelerate around the world", he added.
The company’s shares rose 5.8% to 3.2p in early trading.
