logo-loader
viewSeeing Machines Ltd.

Seeing Machines unveils new chip and supply deals

Under the new agreement with Xilinx, the Fovio Chip will be supplied direct

Seeing Machines Limited -
Fleet Complete has been appointed to sell Guardian to oil and gas companies in Australia.

Seeing Machines Limited (LON:SEE) has refreshed its supply agreement with chip manufacturer Xilinx for its in-car monitoring system Fovio.

Unveiling the new agreement at its capital market day, Seeing Machines also said it had reduced the build cost of its Guardian fatigue monitoring system while Fleet Complete has been appointed to sell Guardian to the oil and gas sector in Australia.

Under the new agreement with Xilinx, the Fovio Chip will be supplied directly to Seeing Machines' automotive Tier 1 customers to reduce supply chain risks and lower the cost. 

In its fleet business, the cost of the hardware for the Guardian driver monitoring technology for commercial vehicles has been reduced by 21%.

This reduction is expected to save around A$8.4mln on next year's order

Fleet Complete, meanwhile, has over 33,000 connections in Australia and 500,000 globally.

Paul McGlone, Seeing Machines chief executive, said: “Our partnership with Xilinx has been nurtured over several years and our renewed agreement for supply of the FOVIO Chip directly to our Tier 1 automotive customers seeks to leverage the particular strengths of each company to their benefit and that of our customers.

"In addition, we believe the outcome of our negotiations with our manufacturing partner, coupled with the strong momentum across the Fleet business and the strengthening relationships with distributors and other partners, will improve the division's profitability and cash flow, and will also help fund the Company through to profitability", McGlone added.

Quick facts: Seeing Machines Ltd.

Price: 2.425 GBX

AIM:SEE
Market: AIM
Market Cap: £81.61 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Seeing Machines Ltd. named herein, including the promotion by the Company of Seeing Machines Ltd. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Seeing Machines Ltd 'refocused on fastest route to profitability'

Seeing Machines Limited (LON:SEE) CEO Paul McGlone talks Proactive London's Andrew Scott through its business restructure and additional steps taken to navigate the challenges presented by COVID-19. He says they've managed to cut the cost base by A$12mln and among the initiatives being...

5 days, 6 hours ago

2 min read