What it does
Seeing Machines PLC (LON:SEE) makes driver monitoring systems (DMS) that can be used in cars, trucks, trains and aircraft.
The technology tracks the eye gaze, head position and pupil size of drivers or pilots to determine whether they are drowsy or distracted.
Seeing Machines sees an opportunity for its DMS in the autonomous vehicles market that is being developed by the likes of Tesla, General Motors and Alphabet’s Waymo.
There are different levels of autonomy with level 0 being when you hear a beep as you approach an object when reversing and level 5 being when the steering wheel becomes superfluous.
The AIM-listed group is based in Canberra, Australia but serves markets across Europe, North America, Latin America, the Middle East and the Asia Pacific.
How it is doing
In July, the AIM-listed firm welcomed the passing in the US House of Representatives of the ‘Moving Forward Act’, a new automotive safety bill.
It promises to drive demand for the company’s own DMS technology, which use cameras and facial recognition to ensure drivers are paying attention to the road.
Meanwhile, the European new car assessment programme (NCAP) announced a delay to the 2022 and 2024 due to the pandemic so that automakers and Tier 1 suppliers have more time to incorporate necessary changes, but it is not expected to hit the company's near-term forecast for automotive revenue.
Amid the crisis, Seeing Machines cut the cost base by A$12mln and restructured its business to “improve the focus on profits” for its three main units - automotive, fleet/off-road and aviation.
What the boss says: Paul McGlone, chief executive
"Given the unprecedented events of 2020 thus far, we are not surprised that Euro NCAP has been delayed. The impacts of this delay are minimal to Seeing Machines and with US legislation heading towards mirroring those in Europe, the potential for DMS remains compelling."
"We are also very pleased to see that the demand for advanced safety technology is increasing across all transport sectors as regulators, governments and policymakers around the world continue to focus on ways to reduce global road fatalities and injuries. Seeing Machines is already engaged and very well placed to support this momentum across Automotive, Fleet/Offroad and Aviation."
- Traction in all key areas where Seeing Machines operates
- More contracts for DMS technology
- Revenues start to build as contracts ramp-up
- Driverless technology becomes more mainstream