Seeing Machines (LON: SEE) is an award winning technology company with a focus on vision based human machine interfaces. Seeing Machines technology platform is based on world-leading computer vision processing technologies that allow machines to see and track human faces and certain facial features. These technologies enable the development of new cutting edge products and applications, ranging from devices that improve road safety & save lives, to those that help manage eye disease and prevent loss of eyesight.
The company’s focus is on deploying its computer vision technologies, worldwide, in:
- Driver/operator safety products for transport markets through the DSS product range;
- The TrueField Analyzer® (TFA) product for vision testing devices for healthcare markets;
- New products in a range of markets including sports, entertainment, robotics and security through our faceAPI product; and
- Human performance measurement through our faceLAB® product.
Seeing Machines makes maiden interim profit, to launch FTFA product mid-2009
Computer vision technology company Seeing Machines Ltd made a maiden pretax profit in the first half to end-December 2008 of A$358,682 after a A$430,155 loss a year earlier, while revenue rose to A$3.28 million from A$1.31 million.
The group is now generating revenue from three product lines: the driver attention and fatigue monitoring system Driver State Sensor (DSS), the face-tracking product faceAPI, and the faceLAB eye tracking product for research applications.
It is planning to commercially launch its clinical eye testing device TrueField Analyzer (TFA) in mid-2009.
Chief Executive Nick Cerneaz said “With the release of faceLAB 5 last month, the growing interest from product developers in our faceAPI software, continued strong interest in the DSS and the release of TFA mid-year 2009, we believe the company is well placed for future growth.”
It has largely completed the development work required to bring the TFA to market. Seeing Machines’ partners at the Australian National University Research School of Biological Sciences are completing their research program.
Although it is pleased with the performance of the period under review the company remains cautious going forward given the recent slowdown in revenue growth in the DSS business due to the global economic downturn and expects that in the second half of the financial year revenue growth may be harder to achieve.
With this in mind it announced on February 18 2009 the restructure of Seeing Machines in order to put the company on as sound a footing as possible to minimise the effects of this downturn, it added.
Edison Investment Reseach issued a note on Seeing Machines today, saying the current valuation looks intriguing given the potential to leverage the company’s intellectual property into large corporate sales.
Seeing Machines is a research client of Edison.
