Business
Exclusive Agreement Signed with Collins Aerospace
Exclusive Agreement Signed with Collins Aerospace.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n\n \nSeeing Machines Limited (\"Seeing Machines\" or the \"Company\")\n \n \n16 May 2023\n \nSeeing Machines signs exclusive agreement with Collins Aerospace\n \n- Exclusive licence to jointly develop pioneering eye-tracking solutions for the Aviation industry\n- Seeing Machines to receive a licence payment of US$10 million, over three years, as part of the Agreement\n- Collins Aerospace is the world's largest Tier 1 Avionics company\n \nSeeing Machines Limited (AIM: SEE, \"Seeing Machines\" or the \"Company\"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has signed an exclusive, perpetual licence Agreement (\"Agreement\") with a Collins Aerospace entity in Burnsville, Minnesota, (\"Collins\"), a Raytheon Technologies (NYSE: RTX) business and a leader in technologically advanced and intelligent solutions for the global aerospace and defence industry.\n \nUnder the Agreement, the companies will work together to jointly market and deliver innovative AI-powered eye-tracking solutions to the global Aviation industry, enhancing safety and better supporting pilots with mission critical fatigue detection solutions. The Agreement builds on the successful collaboration between the two companies announced on 15 November 2021 in order to access the significant opportunity across aircraft and simulators of over US$700 million in the next 20 years, and to develop revolutionary fatigue management technology solutions to increase safety across the aerospace sector.\n \nIn return for Seeing Machines granting perpetual exclusivity to Collins for Aviation and Space fields of use, Collins will make an upfront payment to the Company of US$3 million, with the additional US$7 million payable over the following two years. Further, Collins will pay Seeing Machines non-recurring engineering (NRE) payments to develop the solutions, evolving into potential future royalty payments as shipsets are released to customers.\n \nCollins is accelerating innovation by bringing together the companies' collective expertise in navigation, communication, sensor technology, flight controls and aviation system design. Pilot support solutions help to monitor and mi...