Smart Eye Announces Additional Order for Existing Car Models by One of The World’s Largest Vehicle Producers
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GÖTEBORG, SWEDEN / ACCESSWIRE / February 28, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) The additional order means 34 previously announced car models including Smart Eye's Driver Monitoring System (DMS) software will be produced in larger volumes than initially estimated. The estimated revenue is SEK 160 million based on estimated product life cycle projections.
Smart Eye, the leading developer of DMS software to the automotive industry, has received an additional order from an existing customer, a major automotive manufacturing corporation. The order comprises several OEM brands in a European-American automotive alliance, which constitutes one of the largest vehicle producers in the world.
The initial order of Smart Eye's DMS technology to a total of 34 new car models was announced through a press release on December 9, 2022. The order was at the time Smart Eye's largest to date. Now, the customer has chosen to increase the production volume of the car models, which means Smart Eye's technology will be implemented in a larger number of vehicles than previously estimated.
The car models, including Smart Eye's technology, will go into production in 2025. The estimated revenue of the additional order is SEK 160 million based on estimated product life cycle projections.
Smart Eye has received a total of up to 315 design wins from 21 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 7.075 billion. The estimated value over the product lifecycle from possible additional design wins with all 21 car manufacturers is SEK 2.700 billion.
For more information:
Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Email: martin.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 for more information.
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 2024-02-28 08:30 CET.
Attachments
SOURCE: Smart Eye
View the original press release on accesswire.com
FAQ
What is the estimated revenue for the additional order received by Smart Eye?
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What is the combined estimated lifetime value from current design wins for Smart Eye?
