Seeing Machines
Seeing Machines 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 restructures business to tackle downturn, but sees interim profit
Computer vision technology company Seeing Machines Ltd announced it has restructured its business to focus on its cash generative operations and to conserve cash reserves.
It took the decision in light of continuing uncertainty regarding the level and timing of revenues due largely to the impact of the global economic downturn.
However, interim results due for release in mid March are expected to show the company made a profit for the six months ended 31 December 2008.
The restructuring includes a reduction in overall staff head-count of 16 made up of fulltime and part-time employees and contractors and strengthening of regional sales forces by relocating the majority of its Australian based sales resources to those markets that provide the most fertile opportunities for revenue and growth.
Seeing Machines will further focusing sales efforts on those products with the greatest capacity to generate revenues, principally the aftermarket of the driver attention and fatigue monitoring system Driver State Sensor and faceLAB businesses.
It will also concentrate further technology and product development efforts substantially on the DSS aftermarket business and to support the DSS customer base particularly in North America where the company potentially has large-scale opportunities that if converted may deliver significant revenues.
Seeing Machines said development of the TrueField Analyzer (TFA), a device to detect glaucoma and other eye diseases, is nearing completion and that its commercial launch is expected in the middle of 2009.
Commenting on the restructuring, chief executive Nick Cerneaz said:“The delay in concluding our recent major licensing opportunity and the consequential increase in revenue uncertainty has precipitated a need to restructure the company as announced today. Whilst we will unfortunately lose a number of talented people in doing so, the restructure allows us to focus the remaining dedicated team and their energies more closely on those aspects of the business that are cash generative. By addressing those target markets more closely we can provide a deeper level of service to our customers within those segments and hence aim to bring greater certainty to the revenue streams ahead. Conservation of our cash reserves is an important aspect of our working plans to bring further stability to the business.
“Our product pipeline remains solid and we continue to be confident of our product offerings, especially in light of the imminent release of a new version of faceLAB, continued improvements in our DSS aftermarket product, and the finalization of the TFA device with commercial release slated for the middle of this year. Coupled with greater deployment of our sales and marketing resources to the primary market regions for those respective products and existing good sales opportunities in those regions we are able to look forward with confidence, he added.
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Other Seeing Machines news
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04/03/10 Seeing Machines contract with Freeport McMoRan could be a watershed moment
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12/02/10 Seeing Machines secures first major deal for Driver State Sensor technology
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08/02/10 Seeing Machines projects successful future for DSS, in discussion with distribution partners over TrueField Analyzer
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26/11/09 Seeing Machines Making Transition into a More Commercially Focused Company
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06/11/09 Seeing Machines names non-exec William Mobbs new chairman as Muir steps down
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26/10/09 Seeing Machines launches TrueField Analyzer glaucoma detection system as planned
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21/05/09 Seeing Machines founders take over shares held by Jats Technology
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11/03/09 Seeing Machines makes maiden interim profit, to launch FTFA product mid-2009
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24/09/08 Seeing Machines reports maiden profit
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26/08/08 Seeing Machines Announces New faceAPI Product Release