The AIM listed vehicle operator monitoring technology company, Seeing Machines Ltd has raised AU$12.8 million (US$9.74 million) from a placing with a new strategic investor.
The investor is V S Industry Berhad (VSI) through its wholly-owned subsidiary, V S International Venture Pte. Ltd. (VSIV), an integrated electronics manufacturing services provider, subject to admission to trading on AIM.
The investment from VSIV will reportedly provide the company with additional working capital to fund the recently announced automotive programmes and ongoing automotive product developments. On March 7, 2016 Seeing Machines announced that it had secured a follow-on order for its DMS technology from one of the world’s largest automotive manufacturers, in conjunction with tier 1 automotive partner Takata.
V S Industry Berhad is a public listed company in Malaysia and Hong Kong, with over 34 years’ experience of multi-product OEM contract manufacturing and electronics manufacturing services. VSI is ranked in the world’s top 50 contract manufacturers and counts among its customers or partners, Dyson, Keurig Green Mountain, Zodiac, SMART Technologies, Valeo and Fluidic Energy. The VSI group employs over 11,000 staff and in the 2015 financial year generated revenue of approximately AU$640 million.
Seeing Machines anticipates future benefits for its range of Guardian aftermarket commercial transport products arising from VSI’s extensive product engineering experience, broad manufacturing capability and from influential transport related contacts in their regions of operation.
Mr Yong Kang (YK) Ng an Executive Director of VSI, joins the board of Seeing Machines as a non-executive director and Mr David Gaul, a non-executive director of the Company since 2004, retires from the board, both with effect from 22 March 2016.
Datuk SY Gan, managing director of VSI, commented: “We recognise the safety vision industry, and in particular Seeing Machines’ technology has a wide range of applications in the automotive advanced driving market. Our investment in Seeing Machines allows us to strategically position VSI in this space, and to participate as a collaborative Research and Development partner, which will bode well for our future growth.”
Terry Winters, Seeing Machines’ chairman, commented: “The board is very pleased to welcome VSI as a strategic investor, and YK Ng as a new non-executive director. Their experience in value engineering and volume manufacturing will help guide Seeing Machines as we continue to scale up our business. The funds raised from VSI will allow us to accelerate our momentum in the automotive industry.”
New non-executive director
Mr YK Ng, aged 55, has extensive engineering and operations experience in the manufacturing sector with multinational corporations. Based in Johor, Malaysia, Mr Ng has been managing the manufacturing operations of VSI since 2002 and was appointed as executive director in 2005. He has a Bachelor of Science in Mechanical Engineering from the National Taiwan University and a MBA from Heriot-Watt University in Edinburgh, UK.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and admission is expected to occur on 29 March 29, 2016. The Placing Shares will rank equally in all respects with the existing ordinary shares of the Company.
Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow
