Seeing Machines confirms talks with third new automotive OEM

AIM-listed Seeing Machines confirmed on Friday that it is in talks to deliver its FOVIO Driver Monitoring Systems to an additional new automotive original equipment manufacturer.

In a statement in response to recent press speculation, the company, which designs technology to help machines better understand people, said that if secured, this programme design win would be significant and would see the group work with one or more Tier 1 automotive suppliers for a new third OEM.

"This opportunity forms a part of Seeing Machines' current potential sales pipeline, and if won, would not materially change management's overall expectations in relation to likely financial performance of the business in the coming years."

The company added that there can be no certainty that the discussions will result in a sales contract.

At 0905 GMT, the shares were up 2.4% to 5.10p.