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UPDATE - Seeing Machines has "ideal partner" in Royal Beuk

Last updated: 22:41 10 Dec 2013 AEDT, First published: 23:41 10 Dec 2013 AEDT

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Driver fatigue monitoring company Seeing Machines (LON:SEE) has signed its first agreement with a coach fleet operator.

The company has entered into a “strategic agreement” with Royal Beuk, a leading European coach fleet operator, for the deployment of automated fatigue monitoring systems to ensure driver alertness and safeguard coach passengers.

An initial 20 vehicles, selected by Royal Beuk, will be equipped with the fatigue monitoring systems, with plans by Royal Beuk to expand the use of the technology across its entire fleet of 80 coaches upon successful completion of the nine-month evaluation.

The results of the evaluation will be used for the further development and enhancement of the fatigue monitoring system for use by coaches and lorries, and in time, cars. Royal Beuk will then also act as lead European distributor of the systems for coach and lorry fleets across Europe.

Initial vehicles expected to be selected to trial the fatigue monitoring systems will include the long-distance coaches used for journeys within Europe and vehicles transporting dangerous chemicals.

“Family-owned and more than 100 years old, Royal Beuk is an ideal partner – a leading prestigious pan-European coach operator with a range of modern vehicles from ‘comfort’ to ‘VIP’, even supplying the Dutch Royal Family. Its long-standing relationships with Europe's top coach manufacturers will facilitate OEM [original equipment manufacturer] opportunities,” according to City firm finnCap.

Up till now, Seeing Machines’ technology has largely been used in the mining haul lorry market, and the move into the coach and bus market represents a potentially significant breakthrough for the company.

"Eye tracking technology has a major part to play in keeping drivers and passengers safe on the roads," said Ken Kroeger, chief executive officer of Seeing Machines. "The technology has already been proven in extreme environments such as open cut mines and now promises to bring the same benefits to public roads,” he added.

The selection of Seeing Machines' fatigue monitoring systems followed a multi-year evaluation by Royal Beuk of available technologies. The Seeing Machines eye-tracking technology, which was originally designed for mining trucks and has seen adoption by industry giants such as Caterpillar and BHP, was adapted in consultation with Royal Beuk for the public automotive sector.

“The recent £15m placing has allowed Seeing Machines to accelerate expansion rapidly into adjacent markets in conjunction with leading industry partners. Among the first new markets to benefit from the lifesaving technology will be road transport – beginning with the long-haul coaching market,” broker finnCap said.

“The requirement in coach and road haulage is obvious. Even with well trained professional drivers, long-haul and overnight coach trips can easily result in driver fatigue and distraction and catastrophic accidents. Long distance driving is currently monitored only by tachograph but such post-event regulatory devices of little value if the driver had a sleepless night,” finnCap’s Lorne Daniel notes.

“In February 2012, the driver of the British coach which crashed at 3am carrying school children home from an Italian ski trip, admitted that he may have fallen asleep. In July, this year an Italian coach crashed into a ravine killing 39 passengers amidst supposition that the driver who was killed, may have also fallen asleep,” Daniel added.

Shares in ECO were up 4.7% at 210p in lunchtime trading.

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on 25/5/18