9th May 2022 15:01
(Alliance News) - Seeing Machines Ltd on Monday said it has acquired a world-wide exclusive licence to use an optical technology.
The vision-based monitoring technology company said the license cost AUD5 million, worth around GBP2.8 million, payable over three years, from an unnamed start-up.
Chief Executive Paul McGlone said the technology will "play a key role in the future of modern vehicles". Specifically, Seeing Machines said the technology will improve "the reliability of core safety features of cabin-monitoring systems".
It added: "Ultimately, the licence is expected to improve the probability of winning new automotive awards, whilst simplifying the complexity and cost of delivering to the most demanding customer requirements."
Seeing Machines said sales royalties may be payable when the technology is deployed into vehicles.
Shares in Seeing Machines were trading 2.5% lower in London on Monday mid-afternoon at 6.83 pence.
By Sophie Rose; [email protected]
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