Smart Eye receives two additional design wins from Korean OEM

STOCKHOLM, Oct. 14, 2020 /PRNewswire/ -- Smart Eye has been selected to deliver its driver monitoring software to an existing customer for two car models on an additional platform. The combined life-time order value of the two contracts is estimated to 100 MSEK. The potential value from additional design wins on the new platform exceeds 500 MSEK.

Smart Eye, a world-leading producer of AI-powered eye tracking technology for semi-autonomous cars, announces two additional contracts with a global Korean OEM. The new nomination extends Smart Eye's driver monitoring systems to two car models, on top of the 14 previously communicated design wins with the customer. The agreement also expands the functionality of the driver monitoring systems with additional advanced safety features.

Production of the premium car models containing Smart Eye's technology will begin in late 2021. The estimated revenue for the two models is 100 MSEK, based on product life cycle volume projections.

"I am very happy to be able to take our collaboration with our existing Korean customer to the next level. Not only are the new design wins an important step towards making driver monitoring the standard in upcoming car models, they also allow us to introduce ground-breaking new functionality. These new orders demonstrate confidence in Smart Eye's ability to deliver automotive grade software for DMS," says Martin Krantz, CEO and founder of Smart Eye.

With the two new contracts, Smart Eye has received a total of 83 design wins from 12 OEMs. The combined estimated lifetime value from current design wins is now larger than 2.100 MSEK. The potential of securing more car models on the new platforms is at least another 500 MSEK. Estimated value over the product lifecycle from possible additional design wins with existing car manufacturers on existing platforms is now 3.800 MSEK. 

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]
 

About Smart Eye

Smart Eye is leading the way towards safe and sustainable transportation. Every year, 1.2 million people lose their lives in traffic-related accidents around the world, another 50 million are injured. The company's firm belief is that science and technology can help turning this around.  

For over 20 years Smart Eye has developed 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, the technology can draw conclusions about a person's awareness and mental state. The eye tracking technology is used in the next generation of cars, commercial vehicles and providing new insights for research within aerospace, aviation, neuroscience and more. 

Smart Eye's solutions are used around the world by more than 700 partners and customers, including the US Air Force, NASA, BMW, Lockheed Martin, Audi, Boeing, Volvo and GM.

Visit www.smarteye.ai for more information.

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 October 14th, 2020 at 4:30 pm (CEST).

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].

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SOURCE Smart Eye