Seeing Machines Limited (LON: SEE) said Thursday that a large European-based global automotive (OEM) customer has given the company an additional programme to deliver its FOVIO Driver and Occupant Monitoring System (DMS/OMS).
The program has an initial lifetime value of $32M and is set to start production in 2024.
The advanced computer vision technology company said the program will be delivered via Seeing Machines' embedded Driver Monitoring Engine and will significantly extend DMS and OMS reach across a wide range of vehicle models (including entry-level vehicles).”
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In addition, they said it will address regulatory requirements, in-cabin comfort, and convenience-oriented features.
“This is a great example of our existing Tier 1 and OEM relationships and cooperation leading to the increasingly extended reach of our technology across the global passenger vehicle landscape, which is not only driven by driver safety regulation but also an increasing demand for interior monitoring systems extending the comfort, convenience, and safety of all vehicle occupants,” said Nick DiFiore, SVP and GM Automotive at Seeing Machines.
Seeing Machine shares opened Thursday's session higher at 6.5p per share. However, it has since declined and is now down 0.48% at 6.22p. So far this year, SEE has tumbled 40%, despite a 5.5% gain in the last three months.
