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Seeing Machines says thirty vehicles will incorporate its technology within two years

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Seeing Machines Limited (LON:SEE) said it expects thirty car models to be fitted with its driver monitoring technology within the next two calendar years just from existing manufacturing customers.

General Motors’ Cadillac Escalade is the latest vehicle on the roads to incorporate a Driver Attention System featuring Seeing Machines technology, it added, bringing the total of vehicles currently in production to five across three customers

As more models are launched, revenues from the automotive division will change to significantly higher margin-based royalty revenue, added the Australia-based tech company.

Revenues in the six months to end-December rose by 15% to A$18.1mln (£10mln) led by aftermarket sales, which rose by 17% to A$15mln while automotive and aviation improved by 5% to A$3.1mln.

Connections in the aftermarket business (Guardian)  were 26,597 at the end of  2020, which represented growth in the installed base of over 3,000 units in the past six months.

Net losses were reduced to A$16.8m from A$24.9m this time a year ago and helped by cost-saving measures introduced during the Covid-19 pandemic to cope with the disruption.

Paul McGlone, chief executive, said: ”The first half of FY2021 has been pleasing and we are buoyed by the progress in Fleet, as well as the significant increase in RFQ activity in Automotive across key markets as carmakers ready themselves for mounting safety standards and technology advances inside the cabin, all supported by camera-based DMS.

“We are now in production on five car models, working across three OEMs, and that is set to ramp up significantly over the coming two years.

 ”Further, I’m delighted with the interest we are seeing from both UK and US-based institutional investors, as DMS becomes more and more relevant across all key Seeing Machines transport sectors.

Seeing machines had cash at 31 December 2020 of A$52.3mln (31 December 2019: A$47.4m) since when it has carried out a US$10mln placing with the US-based Toronado Fund.

Story by ProactiveInvestors


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