Smart Eye Announces One Driver Monitoring System Design Win with Major New OEM Customer

Rhea-AI Summary

Smart Eye has secured a significant Driver Monitoring System (DMS) design win from a major European OEM, estimated to generate revenue of SEK 50 million. With the potential for further design wins valued at SEK 500 million, this order solidifies Smart Eye's market position. The DMS software will be integrated into a new car model set to enter production in mid-2024. This achievement brings Smart Eye's total design wins to 90 with 14 OEMs, translating to a combined estimated lifetime value of SEK 2,325 million from current agreements.

Positive

• Secured a DMS design win from a major European OEM, estimated revenue of SEK 50 million.
• Potential for additional design wins valued at SEK 500 million.
• Total design wins now at 90, with a combined estimated lifetime value of SEK 2,325 million.

Negative

• None.

GÖTEBORG, SWEDEN / ACCESSWIRE / February 7, 2022 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9)

Smart Eye receives one new Driver Monitoring System (DMS) design win from one of Europe's largest OEMs. The estimated revenue of the order is SEK 50 million based on estimated product life cycle projections. The potential of further design wins on this new platform is estimated at SEK 500 million.

Smart Eye, the leading developer of AI-based DMS software to the automotive industry, has received a major order from a global Tier-1 supplier for delivering to a major European OEM, one of the largest automotive brands in a group of car manufacturers. Together, this group is one of the largest vehicle producers in the world, focusing on cars in the mid-segment.

The new nomination means Smart Eye will deliver its driver monitoring software, compliant with recent regulation, to one new car model on a new platform. The model to include Smart Eye's DMS software is estimated to go into production in mid-2024. The car is intended for the mass-market segment.

"Yet another large carmaker is now secured for our automotive software offering, after a long and competitive procurement. We are confident that this order will not only lead to more deals on the same car platform, but also to put us in pole position for more business in the group to which this OEM belong. Furthermore, Smart Eye's market leadership for DMS creates a strategic foothold which we intend to use for Interior Sensing, the next large industry trend," said Martin Krantz, CEO of Smart Eye. "This win reinforces that the industry - driven by regulatory tailwind - is rapidly sourcing these critical safety system that will save lives on roads around the world."

Smart Eye has now received a total of 90 design wins from 14 OEMs. The combined estimated lifetime value from current design wins is now larger than SEK 2,325 million. Estimated value over the product lifecycle from possible additional design wins with the car manufacturers on existing platforms is now SEK 4,475 million.

About Smart Eye

Smart Eye is the global leader in Human Insight AI, technology that understands, supports and predicts human behavior in complex environments. Together with its subsidiaries Affectiva and iMotions, the company is bridging the gap between humans and machines for a safe and sustainable future.

Smart Eye offers road-ready Driver Monitoring Systems and next-level Interior Sensing solutions built on two decades of automotive experience. Smart Eye's technology is embedded in next-generation vehicles as OEM or Tier 1 solutions and has been selected by 14 of the world's leading car manufacturers for 90 car models. Smart Eye also provides complete hardware and software solutions for fleet and aftermarket, powering vehicles on the road today.

As the preferred partner to the automotive industry, Smart Eye is leading the way towards safer, more sustainable transportation and mobility experiences enhancing wellness, comfort, and entertainment.

Smart Eye was founded in 1999, is publicly traded and headquartered in Sweden with offices in the US, UK, Germany, Denmark, Egypt, Japan, Singapore, and China.

Visit www.smarteye.ai for more information.

Visit our investor web for more financial information: http://www.corp.smarteye.se/en/

Smart Eye is listed on Nasdaq First North Growth Market. Erik Penser is Certified Adviser and can be reached at +46-8-463 8000 or certifiedadviser@penser.se .

For more information:

Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Email: martin.krantz@smarteye.se

Anders Lyrheden, CFO Smart Eye AB
Phone: +46 70-320 96 95
Email: anders.lyrheden@smarteye.se

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 2022-02-07 08:30 CET.

Attachments

Smart Eye Announces One Driver Monitoring System Design Win with Major New OEM Customer

SOURCE: Smart Eye

View source version on accesswire.com:
https://www.accesswire.com/687535/Smart-Eye-Announces-One-Driver-Monitoring-System-Design-Win-with-Major-New-OEM-Customer

FAQ

What is the significance of the new design win for Smart Eye (SMTEF)?

The new design win represents an estimated revenue of SEK 50 million and opens up potential additional design wins valued at SEK 500 million.

When will Smart Eye's new driver monitoring system go into production?

The new driver monitoring system is expected to go into production in mid-2024.

How many design wins does Smart Eye have as of the latest announcement?

Smart Eye has a total of 90 design wins with 14 OEMs.

What is the total estimated lifetime value of Smart Eye's current design wins?

The total estimated lifetime value from current design wins is larger than SEK 2,325 million.