News blog

Seeing Machines

• BY: Andrew Hore |
• POSTED: 28/05/2013 |

Computer vision processing technologies developer Seeing Machines has secured a strategic agreement with mining equipment manufacturer Caterpillar.

This pushed up the Seeing Machines share price by one-third to 3p, valuing the company at £14.4m.

The deal involves agreement the installation of eye-tracking technology in the cabs of mining vehicles to enable the monitoring of operators for signs of fatigue and distraction. Initially the technology will be sold through Caterpillar distributors but in the longer-term there will be joint product development to integrate the system in the Cat MineStar System.

Seeing Machines has been selling the technology in the mining sector but it has taken time to persuade mining companies to install it. The agreement with Caterpillar provides additional credibility.

At the end of 2012, there was A$928,000 in the bank and the cash outflow in the previous six months was nearly A$1.5m. However, house broker finnCap believes that the company could make a small profit in the year to June 2013 but Seeing Machines is investing in developing products. Last October, £1.27m was raised at 2p a share.

The positive contract news could provide an opportunity to raise more cash.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf