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Seeing Machines www.seeingmachines.com
Full Seeing Machines profile here

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.

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Seeing Machines lands two further DSS installations in North America

Seeing Machines (LON:SEE) has won two further orders to roll out its DSS product, to a mining company in North America. The take-up for the driver fatigue monitoring system has been building momentum over recent months, and these latest contracts build on earlier DSS installations on North America with an existing client.

The contracts provide for the DSS to be installed into 45 haul trucks at the two mine sites.

"We are pleased to announce these new contracts and to be extending further our DSS deployments in North America.  These new contracts are further examples of the interest in the company's DSS from the mining sector and we expect to announce further deals in the near future", Seeing Machines chief executive Nick Cerneaz commented.

The DSS is Seeing Machines’ key product, the driver fatigue monitoring system is based on the company’s proprietary motion detection and eye-tracking technology. The DSS active system directly monitors the driver of a vehicle for distraction and fatigue events and provides a series of interventions aimed at managing these events and averting potential disasters.

With a remote sensor on the dashboard, the vision-based, DSS system measures the eyelid opening of the driver and based on this data derives the drowsiness state. The DSS also monitors the driver's head movements and positioning, when the driver has not been focused on the roadway ahead for a period, the DSS-IVS detects this event and generates instant alarms including audio alerts and seat vibration feedback.

Earlier this year, Seeing Machines secured two separate framework deals with major mining groups - BHP Billiton (LON:BLT, ASX:BHP) and Freeport McMoRan - to roll-out the DSS across their respective fleets of mining vehicles.

In reference to today’s deals, the company was unable to reveal details of either the mining company or the particulars of the sites involved, due to confidentiality agreements between the parties.

In recent months, Seeing Machines has installed the DSS at several mining operations. In June it landed a contract with Freeport-McMoRan to install the driver monitoring equipment in the haul truck fleet at the Morenci mine in Arizona. Previously in April, the company also agreed to install the product at Freeport’s the Safford mine, also in Arizona.

In March, the company won its first contract under the Freeport Framework deal, to supply the DSS equipment to the Grasberg mine in Indonesia - the world’s largest gold mine and the third largest copper mine.

Also in March, Seeing Machines signed a contract to fit-out the entire haul truck fleet at BHP’s Navajo mine in New Mexico. At the time, the company also highlighted that it was engaged in talks over further DSS deployments across other mines within the BHP Billiton Energy Coal business unit.

In today’s statement, the company noted that the two contracts form part of the delayed series of orders, which it initially expected in the full year ended 30 June 2010.

On the 24 June, Seeing Machines shares took a hit after the company reported that the delay of a series of orders would cause FY2010 revenue to fall significantly below market expectations. Despite the share-price reaction, Edison Investment Research & London-based stockbroker Daniel Stewart & Co, remained upbeat about the sales pipeline and the company’s commercial prospects.

Edison said that there has been no weakening in the sales pipeline, the group remains well capitalised and the significant scope of opportunity for business is undiminished. Indeed today’s orders, plus the Freeport Morenci contract - which was also carried over from FY2010 - reinforces the analyst's view.

Aside from the DSS, the company has a number of other product lines, based on its proprietary image tracking technology. Notably, through an API (application programming interface) package, Seeing Machines makes its suite of image-processing modules available to software and technology developers. Through the development and production licenses the company generates additional revenues from its proprietary technology.

The API licensing business landed two new contracts in July. Firstly, a deal with Di-O-Matic Inc marked Seeing Machines' first production license to be sold into the computer graphics (CG) animation sector.

Di-O-Matic has integrate the face tracking modules into its new Maskarad family of CG animation tools. Di-O-Matic’s high-end character animation software is due for release later this year. The Montreal-based company’s client list includes many major players in both the movie and computer games industry such as Disney, RockStar Games and SEGA, and the software has enhanced and animated CG characters such as Batman, Garfield, Spider-Man, and SpongeBob SquarePants.

Later, in a deal last week, Pillar Vision licensed the API suite for its Noah Select basketball training aid. The Noah training aid works by tracking the flight of the basketball once the player shoots the ball, and analyses the ‘arc’ with the angle and distance of the shot recorded, and transmitted to a linked laptop for further analysis by the player and coaches.

At last year’s AGM, in November, Seeing Machines said that  the software licensing and royalty based business model has exceeded its budgeted revenue expectations in the first full financial year since its release.

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