Seeing Machines Limited is pleased to announced that it has signed a term sheet with a US-based investment firm with extensive experience in automotive technologies, for investment into a separately funded company solely focused on commercialising Seeing Machines’ technology in the automotive market.
Seeing Machines would retain a significant equity stake in the new company. The term sheet is non-binding, except for customary legal obligations and due diligence. Seeing Machines and its advisors are working with the lead investor and other investors to finalise the investment round.
Ken Kroeger, Seeing Machines CEO commented: “This continued execution of our multi-sector transport strategy builds on our successful venture with Caterpillar for rugged off-road industries. We believe that spinning out the automotive driver monitoring business will sufficiently resource the automotive business, further develop our automotive industry relationships, and maximise the return for Seeing Machines’ shareholders.”
The Company continues to develop and deliver driver monitoring systems (DMS) for a global car maker, for their first and second-generation DMS platforms, launching first in early 2018 models.
Kroeger said “the automotive industry requires the highest levels of reliability and performance; this investment confirms Seeing Machines’ ability to deliver automotive-grade driver monitoring technology.”
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