Executive Interview – Seeing Machines

Seeing Machines (SM) is an AIM-listed technology company based in Canberra, Australia. Its intellectual property is based around three sets of algorithms covering eye gaze, head tracking and eye aperture. SM has chosen to focus on areas where its IP can be used to enhance operator safety and performance and has identified five safety-related areas on which to focus investment – mining, commercial road transport, consumer automotive, rail and simulators/aviation – as well as consumer electronics.

SM has just raised £5.7m in new ordinary shares, and a further £1m in offerings in being made to existing shareholders. The follows a £16m fund-raising a year ago. SM says the near-term sales pipeline for the commercial fleet market is far stronger than it had anticipated at the time of the last raise, and there is a requirement for additional working capital to support the roll-out of the de-ruggedised product to a number of fleet operators. Also, following the initial order received by Takata from a top tier automotive OEM, which was announced in September, more than 10 further OEMs are at various stages in assessing SM’s technology and developing these opportunities will require an additional investment in engineers.

CEO Ken Kroeger discusses the group’s strategy in the commercial road transport area, including plans for a lower cost product. He talks about the exciting developments in the ADAS (advanced driver assistance systems) automotive space. He also discusses how SM is coping with the slowdown in the mining sector.