Smart Eye Receives Design Win From Second Chinese OEM

STOCKHOLM, Jan. 7, 2020 /PRNewswire/ -- Smart Eye AB (Nasdaq: SEYE), the market leader in Driver Monitoring Systems, receives one new design wins, from a second Chinese OEM customer. The estimated revenue of the order is MSEK 50, based on forecasts of the estimated product life cycle, the company has now received a total of 57 design wins.

Smart Eye will deliver its second-generation DMS technology to a large Chinese OEM. The car models that includes Smart Eye's software have a planned SOP in 2021. Smart Eye's DMS software includes an in-car AI function to increase the safety and entertainment of the driver. The system includes gaze tracking and Face ID, preventing driver distraction and inattention.

"As a global supplier of DMS and in-car AI technology, we have worked hard to secure a foothold on the important Chinese market, the largest in the world. This second design win is a crucial step towards our goal. It was a hard-fought competitive process where in the end Smart Eye's proven capabilities of safety level driver monitoring combined with solid quality and high level of functionality came out as decisive factors. The Chinese market is expected to grow at an increasing pace, as is the rest of the global market. In the end it's all about keeping more and more drivers safe and the Smart Eye team in China has done a great job in ensuring just that", says Martin Krantz, CEO at Smart Eye.

Smart Eye has partnered with a major Tier 1 supplier in order to secure the order and has to date, Smart Eye has received 57 design wins from ten OEMs in the automotive industry, making the company the market leader in DMS technology. The total potential value of Smart Eyes design wins exceeds SEK 1.5 billion. Six car models with Smart Eyes technology have been launched in the market.

About Smart Eye:

Since 1999 Smart Eye has been engaged in development of artificial intelligence (AI) in the form of eye tracking technology that understands, supports and predicts a person's intentions and actions. By carefully studying eye, facial and head movement, our technology can draw conclusions about a person's awareness and mental state.

Today our eye tracking technology is used in the next generation of cars and is helping the automotive industry take an important step towards safer and more environment-friendly transport solutions. In the research field, Smart Eye's solutions are providing new opportunities in complicated and real situations and are paving the way for new insights in the aerospace, aviation and defense industries as well as in the fields of psychology, neuroscience, medicine and academic research.

Smart Eye's solutions are used around the world by more than 700 partners and customers, leading research teams, brands and laboratories, including the US Air Force, NASA, BMW, Lockheed Martin, Audi, Boeing, Volvo and GM, to name a few. 

Visit www.smarteye.ai for more information about the company.

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

This information is information that Smart Eye AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. 

The information was submitted for publication, through the agency of the contact person set out above at January 7, 2020 at 8:30 am (CET).

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 [email protected].

Definitions:

OEM: Original Equipment Manufacturer (car manufacturer)
Design win: order of technology for one car model
SOP: Start of Production
DMS: Driver Monitoring System

For more information:

Martin Krantz, CEO Smart Eye AB
Phone: +46-70-329-26-98
Email: [email protected]

Anders Lyrheden, CFO Smart Eye AB
Phone: +46-70-320-96-95
Email: [email protected] 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/smart-eye/r/smart-eye-receives-design-win-from-second-chinese-oem,c3002335

The following files are available for download:

SOURCE Smart Eye

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED