Seeing Machines (LON: SEE) shares surged more than 16% in early Monday trading after announcing a £26.2 million strategic investment from Mitsubishi Electric Mobility.
The advanced computer vision technology company that designs AI-powered operator monitoring systems revealed it has entered into a collaboration agreement with Mitsubishi Electric Mobility to pursue joint growth opportunities in the supply of driver and occupant monitoring system technology solutions to enhance safety in Automotive.
The investment, made at a 12% premium to the 30-day volume-weighted average price, gives Mitsubishi Electric Mobility a 15% stake in Seeing Machines’ pre-issue capital.
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The firm plans to increase its holding to 19.9% via an agreement to acquire additional shares from Lombard Odier Asset Management and VS International Ventur.
The collaboration between Seeing Machines and Mitsubishi Electric Mobility will focus on capitalising on the demand for driver monitoring systems (DMS) in Japan, driven by regulatory and safety trends.
It will also leverage Mitsubishi’s extensive distribution networks to expand Seeing Machines’ Guardian Generation 3 product in North America, Europe, and Japan.
Paul McGlone, CEO of Seeing Machines, described the deal as “pivotal,” highlighting the synergy between the companies to accelerate market expansion and explore new opportunities in adjacent industries.
Kunihiko Kaga, President of Mitsubishi Electric Mobility, stated: “Mitsubishi Electric Mobility has been collaborating with excellent partners, expecting technological synergies in the CASE (“Connected’, “Autonomous’, ‘Shared & Service’, “Electric”)-related business, which has great market potential.
“We position this partnership with Seeing Machines as part of this strategy and are confident that by combining the strengths of both companies, we will be able to provide the market with new and attractive products.”
The investment strengthens Seeing Machines’ balance sheet and is expected to provide the company with the capacity to focus on growth opportunities.
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