Business
Strategic Alliance with Takata
Strategic Alliance with Takata.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 4587Q Seeing Machines Limited 01 September 2014 \n \n\n \nSeeing Machines Teams with TK Holdings Inc. to Deliver Driver-Monitoring Technology into Cars for Major Global Automotive Manufacturer\n \n \nMonday 1 September 2014\n \nSeeing Machines Limited (AIM: SEE) (Seeing Machines or the Company) the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is proud to announce the signing of a 15 year strategic alliance with TK Holdings Inc., the Americas subsidiary of Takata Corporation (Takata) an automotive industry leader in the supply of advanced driver safety systems (ADAS). The companies have been collaboratively developing driver monitoring technology for two years and Takata has recently secured a contract to deliver its first ever mass-manufactured implementation of a driver-monitoring system that will warn drivers of lapses in attention, reducing the risk of potentially fatal accidents.\n \nThe formalisation of the strategic alliance is a result of a joint belief that driver-monitoring systems are one of the next major innovations in automotive safety due to the myriad of in-vehicle infotainment and mobile devices, which all compete for the driver's limited attention. According to the National Highway Traffic Safety Administration, one of every ten fatal crashes in the U.S. involves distraction - this technology underpins the future of intelligent safety systems, allowing a driver to share their attention without compromising safety.\n \nThe strategic alliance is responding to potential product opportunities from numerous global automotive manufacturers and the alliance will also pursue opportunities beyond passenger cars, into all forms of road-going vehicles. The alliance is mutually exclusive in passenger and commercial vehicle OEM applications including cars, trucks and buses but excludes aftermarket solutions. Revenues to Seeing Machines will be a combination of minimum licence fees and royalties. Seeing Machines trading remains in line with management's expectations. The agreement with TK Holdings Inc. is another step in the implementation of Seeing Machines' recently announced business strategy. In 2013, Seeing Machines announced a strategic agreement with Caterpillar Inc. that has result...