8th Sep 2014 08:02
LONDON (Alliance News) - Seeing Machines Ltd saw its shares rise on Monday after the sensing technologies company said it has signed a memorandum of understanding with Samsung Electro-Mechanics Corporation, or SEMCo.
Seeing Machines shares were up 9.6% to 7.50 pence in early trade, putting them among the top risers in the AIM All-Share index.
The MoU with SEMCo, a subsidiary of South Korea's Samsung Group, will see the pair collaborate on the development of face- and eye-tracking technology for the consumer electronics industry.
The programme formalises a long-term business relationship between the two companies and will focus on creating contextually aware face and eye-tracking-enabled solutions to bring to market.
"This is a unique opportunity to enter into an alliance with a true global innovator in the advancement of consumer electronics and mobile devices," said Seeing Machines Chief Executive Ken Kroeger.
"I can't think of a better strategic partner for the consumer electronics industry and feel strongly that working with our friends at SEMCo will help us to drive mass-market adoption of face and eye tracking technology. In the coming months, we will meet to discuss our first potential joint development agreement and I'm really excited about the opportunities that this will present," Kroeger added.
Seeing Machines' primary business currently is the provision of driver fatigue and distraction detection systems, mostly for industrial use.
By Sam Unsted; [email protected]; @SamUAtAlliance
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