Smart Eye Announces 4 New Breakthrough Design Wins for Automotive Interior Sensing AI
Smart Eye secures a breakthrough order from a major Korean car manufacturer, marking the first delivery of its combined Driver Monitoring System (DMS) and Cabin Monitoring System (CMS) technology to new car models. The estimated revenue for the order is SEK 175 million, with potential additional design wins valued at SEK 650 million. Smart Eye's expansion into automotive interior sensing with AI technology positions the company as a leader in the growing market.
02/29/2024 - 05:30 AM
GÖTEBORG, SWEDEN / ACCESSWIRE / February 29, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) This marks the first time the company will deliver its combined Driver Monitoring System (DMS) and Cabin Monitoring System (CMS) technology to new car models by a major vehicle manufacturer. The estimated revenue for the order is SEK 175 million based on estimated product life cycle projections.
Gothenburg, Sweden - February 29, 2024 - Smart Eye, the leading developer of DMS software for the automotive industry, today announced a breakthrough order from a major Korean car manufacturer. For the first time, Smart Eye will deliver features for both driver monitoring and cabin monitoring, extending its software to the entire vehicle cabin and increasing the technology value in each car.
The combination of driver monitoring and cabin monitoring software, known as automotive interior sensing, is the next step in the evolution of in-cabin sensing technologies. By extending its world leading DMS technology to the entire cabin and all passengers, Smart Eye's Automotive Interior Sensing AI enables car manufacturers to offer new features for improved safety and comfort in their vehicles. Smart Eye's interior sensing technology is incorporating key components from Affectiva, pioneers in Emotion AI and part of the Smart Eye group since 2021.
The customer, a major Korean car manufacturer, has already sourced Smart Eye's DMS technology for several of its previous car models. The four new car models, including Smart Eye's Automotive Interior Sensing AI, will go into production between the end of 2025 and the first half of 2026. The estimated revenue for the order is SEK 175 million, based on product life cycle volume projections. The estimated value of possible additional design wins on the same platform amounts to SEK 650 million over the product lifecycle.
"Industry demand for interior sensing technology is growing fast, and this deal puts Smart Eye in pole position in this new market", said Martin Krantz, CEO and Founder of Smart Eye. "Already in 2021, Smart Eye's acquisition of Affectiva and the merger of our two leading technologies positioned us as a leading developer of advanced interior sensing AI. This new order, with start of production in 2025, means that some of the first car models on the road with cabin monitoring will run on combined Smart Eye and Affectiva software."
Smart Eye has now received a total of up to 319 design wins from 21 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 7.250 billion. The estimated value over the product lifecycle from possible additional design wins with all 21 car manufacturers is SEK 3.350 billion.
For more information:
Martin Krantz, CEO Smart Eye ABmartin.krantz@smarteye.se
About Smart Eye
Smart Eye is the leading provider of Human Insight AI, technology that understands, supports and predicts human behavior in complex environments. The company is on a mission to bridge the gap between humans and machines for a safe and sustainable future. Supported by Affectiva and iMotions - companies it acquired in 2021 - Smart Eye's multimodal software and hardware solutions provide unparalleled insight into human behavior.
In automotive, Smart Eye's driver monitoring systems and interior sensing solutions improve road safety and the mobility experience. The company's eye tracking technology and iMotions biosensor software platform are also used in behavioral research to enable advanced research in academic and commercial sectors. In media analytics, Affectiva's Emotion AI provides the world's largest brands and market researchers with a deeper understanding of how consumers engage with content, products, and services.
Founded in 1999, Smart Eye is a global company headquartered in Sweden, with customers including NASA, Nissan, Boeing, Honeywell, Volvo, GM, BMW, Polestar, Geely, Harvard University, 26 percent of the Fortune Global 500 companies, and over 1,300 research organizations around the world.
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Smart Eye is listed on the Nasdaq First North Growth Market. The Company's Certified Adviser is Carnegie Investment Bank AB (publ).
This information is information that Smart Eye is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-02-29 11:15 CET.
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Smart Eye Announces 4 New Breakthrough Design Wins for Automotive Interior Sensing AI
SOURCE: Smart Eye
press release on accesswire.com
Smart Eye's ticker symbol is 'SEYE' on the Stockholm Stock Exchange (STO) and 'SMTEF' on the OTC Pink and 'SE9' on the Frankfurt Stock Exchange (FRA).
The estimated revenue for the order is SEK 175 million.
The estimated value of possible additional design wins on the same platform amounts to SEK 650 million over the product lifecycle.
Smart Eye's Automotive Interior Sensing AI extends DMS technology to the entire cabin and all passengers, enabling car manufacturers to offer new safety and comfort features in their vehicles.
Martin Krantz is the CEO and Founder of Smart Eye.
