Smart Eye secures automotive design win with major Chinese OEM
Smart Eye has been awarded yet another design win, this time with one of China’s largest OEM:s, with production and development capacity inside as well as outside China. This car model with Smart Eye’s technology will go into production in 2019. The order value is estimated to exceed 100 MSEK.
Smart Eye AB (Nasdaq First North: SEYE.ST), industry leader in producing AI-powered eye tracking technology for semi-autonomous cars, has secured a design-win with a global Chinese headquartered automotive OEM. By studying the eye, face and head movements, Smart Eye’s driver monitoring system will help gaining insights into the driver’s attention state, focus and drowsiness on the road, understanding and assisting the driver in necessary situations, fulfilling the criteria for the new EU car safety agenda and the new Euro NCAP grade system.
The driver monitoring systems will be delivered via Smart Eye’s Tier 1 partner and included in the mass production starting mid-2019. The order value is estimated to exceed 100 MSEK for the initial car model based on product life cycle volume projections. A successful migration of the initial order to subsequent car models for the same OEM may lead to an estimated revenue exceeding 500 MSEK over the product life cycle. This potential scenario is contingent on future design wins with the aforementioned OEM.
This is the first time that Smart Eye secures a design win outside the European premium market, reinforcing the trend of the technology now moving towards the mass market. The new launch and the multiple design wins firmly establish Smart Eye’s position as the industry-leading developer of driver monitoring technology.
“In a short period of time, the Chinese automotive market has become the largest in the world. Today, 30 million vehicles are produced every year in China and production is destined to grow rapidly. Both electrification and advanced safety features are quickly adopted in China. The Chinese market has a potential value of at least 3 Billion SEK per year for Driver Monitoring software alone. We are here to stay”, says Martin Krantz, Smart Eye AB’s CEO.
“With almost 20 years’ of experience in driver monitoring technology and having worked with demanding car manufacturers for a long time, our systems are reliable and secure. As the market for advanced safety features is maturing, driver monitoring will become as natural as airbags in cars. With our strong market position and technologically advanced offering, we are well positioned for the future”, Martin Krantz concludes.
Further international procurements are currently ongoing, with various global vehicle manufacturers establishing supplier relationships for both the first- and second-generation driver monitoring systems. Smart Eye is well positioned in the fast market development.
Smart Eye’s driver monitoring technology has so far received a total of 18 automotive design wins with 5 different OEMs, including 14 for the company’s second-generation eye‐tracking technology, which will be included in all car models of a European premium manufacturer starting next year, as well as for the Chinese OEM also starting in 2019.
For more information:
Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Anders Lyrheden, CFO Smart Eye AB
Phone: +46 70-320 96 95
About Smart Eye
Bridging the gap between man and machine since 1999. Smart Eye develops artificial intelligence (AI) powered eye tracking technology that understands, assists and predicts human intentions and actions. By studying a person’s eye, face and head movements, our technology can draw conclusions about an individual’s alertness, attention, focus and gain insights into a person’s awareness and mental status.
Today, our eye tracking technology is embedded in the next generation of vehicles, helping the automotive industry take another step towards safer and more eco-friendly transportation. Our research instruments offer unparalleled performance in complex, real-world situations, paving the way for new insights in aerospace, aviation, psychology, neuroscience, medical and clinical research.
Smart Eye has its headquarter in Gothenburg, Sweden and has offices in Michigan, USA, Tokyo, Japan and Chongqing, China, as well as having partners, resellers and distributors in Europe, USA and APAC. Its solutions are used by more than 700 clients all over the world by leading research groups, brands and labs such as US Air Force, Nasa, BMW, Lockheed Martin, Audi, Boeing, Volvo, GM, and many more.
Smart Eye is listed on First North. Erik Penser is Certified Adviser and can be reached at +46-8-463 8000.
This information is information that Smart Eye AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on July 10, 2018 at 08:30 CET.