Smart Eye Announces Breakthrough Order for Its Fleet Driver Monitoring System AIS
Smart Eye secures a significant contract worth SEK 150 million from a major European commercial vehicle manufacturer for its AIS driver monitoring system. The deal marks Smart Eye's largest contract for the AIS system, with potential additional design wins valued at SEK 100 million. The technology aims to enhance road safety by detecting driver drowsiness and distraction, meeting upcoming European legislation requirements.
03/20/2024 - 10:35 AM
GÖTEBORG, SWEDEN / ACCESSWIRE / March 20, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) will deliver its fleet driver monitoring system to two medium-duty truck models by a major European commercial vehicle manufacturer. The estimated revenue for the order is SEK 150 million, based on product life cycle volume projections.
Smart Eye, the leading developer of Driver Monitoring System (DMS) technology to the automotive industry, today announced it has signed a major contract for its AIS system. The recently launched product is a complete hardware and software driver monitoring system intended for original or aftermarket installation in commercial vehicles, mainly trucks and buses.
Smart Eye has previously delivered its technology to several of the customer's truck models, but as a software Tier 2 supplier. However, this new order marks the first time the customer, a major European commercial vehicle manufacturer, will be implementing Smart Eye's AIS product in medium-duty trucks. By doing so, the customer guarantees its new vehicles are compliant with upcoming European legislation, which mandates advanced distraction detection in all new vehicles.
The contract is Smart Eye's largest to date for its AIS driver monitoring system, with an estimated order value of SEK 150 million. The estimated value of possible additional design wins for this customer amounts to SEK 100 million over the product lifecycle.
Using Smart Eye's proprietary hardware and proven DMS software, AIS is developed specifically to reduce accidents in any vehicle. The system is built with the company's well-tested AI-based algorithms to detect early signs of driver drowsiness or distraction - improving overall road safety.
"This is a huge breakthrough for Smart Eye's AIS product," said Magnus Brunzell, VP for Fleet & Aftermarket at Smart Eye. "Technology that tracks driver drowsiness and distraction was first adopted in passenger cars in the premium segment but has since become an essential safety feature due to new legislation. Through AIS, we make our world-leading technology available to an even wider range of vehicles. This deal proves that Smart Eye has the ideal solutions for improving road safety and saving lives, regardless of vehicle type."
"We are extremely proud to have been chosen as a system Tier 1 supplier to one of the world's largest manufacturers of medium and heavy trucks," said Martin Krantz, CEO and Founder of Smart Eye. "We didn't plan for this when we started development of the AIS product in 2019, this goes beyond our expectations. To deliver to a customer of this magnitude and on this level will set us up for even more business with AIS going forward. It will also entail more responsibilities to secure a quality-assured supply chain."
The new vehicles will go into production in the second half of 2025.
Smart Eye has now received a total of up to 322 design wins from 21 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 7.500 billion. The estimated value over the product lifecycle from possible additional design wins with all 21 vehicle manufacturers is SEK 3.950 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.
Visit www.smarteye.ai
Visit our investor web for more financial information: https://smarteye.se/investors/
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 2024-03-20 15:20 CET.
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Smart Eye Announces Breakthrough Order for its Fleet Driver Monitoring System AIS
SOURCE: Smart Eye
press release on accesswire.com
What is the estimated revenue for the recent order received by Smart Eye from a major European commercial vehicle manufacturer?
The estimated revenue for the order is SEK 150 million.
What is the purpose of Smart Eye's AIS system?
The AIS system is intended to reduce accidents in any vehicle by detecting early signs of driver drowsiness or distraction.
How many design wins has Smart Eye received from OEMs?
Smart Eye has received up to 322 design wins from 21 OEMs.
When will the new vehicles incorporating Smart Eye's AIS system go into production?
The new vehicles will go into production in the second half of 2025.
Who is the CEO and Founder of Smart Eye?
Martin Krantz is the CEO and Founder of Smart Eye.
