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:
Facial recognition and eye-tracking specialist Seeing Machines (LON:SEE) is upbeat about its prospects for 2012, expecting to see revenue growth at its core Driver State System (DSS) and API businesses.
In the interim report covering the final six months of 2011, Seeing Machines said total revenues reached A$3.8 million compared with A$4.1 million a year earlier and net losses stood at A$936,801, up from A$748,934 for the first half of the previous year.
The DSS and faceAPI revenues reached A$1.98 million and A$205,317 respectively with the faceLAB product accounting for A$861,697.
Despite the decline in total revenues, Seeing Machines believes the first half represented a “sequential increase” over the previous six month period.
The company, which ended the year with A$1.1 million in the bank, also noted that revenues from Australian customers jumped more than fivefold, soaring 464 percent to A$942,057.
“It's particularly pleasing to see the growth of the DSS business in Australia and the revenue that has resulted from that,” said managing director and CEO of Seeing Machines Ken Kroeger.
“We expect that in this current period, a number of opportunities will be converted and that we will continue on our growth trajectory.”
Seeing Machines expects to see further growth across the DSS and API businesses and that “this will provide a strong foundation for the remainder of 2012 and into 2013”.
The company has high hopes for its DSS product, which it says has become the accepted standard in the area of fatigue detection and management for mine vehicle operators.
During the period, Seeing Machines expanded the DSS pipeline with new and existing customers across all regions, while also identifying new partnership opportunities that would expand its routes to the market.
In January, the company launched the latest version of DSS, which incorporated improvements based on extensive testing and field trials with customers. The company has also introduced a new service in response to the mining industry's requirement to reduce the impact of fatigue on operations.
The group’s Fatigue Consulting Services will see a team of experienced consultants advice customers on ways to improve their mining operations by tackling fatigue.
At the API business, Seeing Machines has signed additional production license deals with Spatial View and Monster Media, which will deliver annual royalties to the company.
The company said it is progressing faceAPI licensing opportunities, expecting the technology to generate significant revenues.
Seeing Machines is currently developing the next generation of its gaze technology, which will feature in its existing and future products.
Meanwhile, researchers at the Australian National University (ANU) are working on refining and proving the scientific methods on which the TrueVision product for vision testing devices is based with the results expected in the second half of calendar year 2012.
The ANU researchers believe that the product will have applicability beyond glaucoma, the initial eye disease targeted.