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Wednesday 24 November 2021

Best laid plans coming together at Seeing Machines

Seeing Machines logoThere was a sense of plans starting to come to fruition in the FY21 results from Seeing Machines (to 30 June 2021), over and above the 18% revenue increase to A$47.2m as the Aftermarket division continued to thrive and awaited royalties within the OEM division started to flow. The Australia HQ’d, UK listed company also managed to reduce LBT yoy, from A$45.5m to A$16.7m. 

Fortuitously, momentum combined with regulatory change within the transport sector helped things along for the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety. The positivity continued into the new financial year: at A$9.8m total revenue, Q122 revenue was ahead of budget and having raised US$41m in November to accelerate the DMS market, the company has a lot to work with.

The Aftermarket division is where the growth was with a 30% increase to A$35.1m as sales and installations of the Guardian driver fatigue monitoring system ramped up, aided no doubt by the appointment of ”telematics industry veteran” Max Verberne to lead the business. He is tasked with developing a multi-channel approach to sell Guardian into existing and additional markets. 

Revenue within the OEM division, covering the automotive and aviation sectors, declined 5% to A$12.1m, nevertheless there is a lot of promise within this area. OEM royalty license revenue started to roll as vehicles featuring Seeing Machines driver monitoring system (DMS) software started production. Revenue from this stream was just A$2.3m (zero in the previous year) but royalties will continue to be received over the model lifetime of OEM programs. The division was also boosted by a large pre-production license deal with a major Automotive Tier 1 partner. Adding to future prospects was US legislation that was passed post period requiring the use of driver monitoring technology to stop drunk and distracted driving, signaling increased momentum.

As we've noted previously, the market is moving towards Seeing Machines as computer vision use cases are established and confidence in the technology grows. 

Posted by: Angela Eager at 09:27

Tags: results   software   AI   ML  

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