News blog
Seeing Machines
- BY: Andrew Hore |
- POSTED: 12/02/2010 |
Shares in Seeing Machines have risen by nearly one-quarter after it announced a master purchasing agreement with Freeport McMoRan Copper and Gold Inc.
Seeing Machines designs integrated software and digital camera technology that tracks facial movement and reactions. This agreement covers Driver State Sensor technology, which is a system where devices fitted in vehicles assess driver distraction and drowsiness.
This is the first mining-related deal. The first major deal for DSS was with Dycom Industries, which operates a fleet of thousands of trucks. A pilot has been completed at one of Freeport’s copper mines and this showed that DSS was reliable in the tough conditions. There is no indication how much the deal will be worth and it appears that individual subsidiaries can decide whether or not to use the DSS.
Individual vehicles at mines can be worth up to $5m each.
House broker Daniel Stewart estimates that the deal could generate up to A$3m a year. Australia-based Seeing Machines generated revenues of A$4.9m in the year to June 2009.
At 1.625p, up 0.375p on the day, Seeing Machines is valued at £5.07m.
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