Memorandum of Understanding

RNS Number : 0196R

Seeing Machines Limited

08 September 2014

 

Seeing Machines signs MOU with Samsung Electro-Mechanics Corporation (SEMCo) to facilitate joint development of face and eye tracking technology for the consumer electronics industry

The MOU formally launches a long-term business relationship between Seeing Machines and SEMCo by establishing a collaborative technology and business development union

8 September 2014

Seeing Machines Limited (AIM: SEE), the AIM listed technology company with a focus on operator monitoring and intervention sensing technologies and services, is proud to announce the signing of a Memorandum of Understanding (MOU) with Samsung Electro-Mechanics Corporation (SEMCo) to facilitate joint development of face and eye tracking technology for the consumer electronics industry.

Under the program, SEMCo and Seeing Machines will each appoint dedicated engineering teams to a collaborative R&D program, and assign business development resources tasked with supporting key markets. Team members will spend time in each company's facilities to share knowledge and develop the capabilities required to bring contextually aware, face and eye-tracking enabled solutions to market that will deliver a greatly improved user experience.

Initial efforts will focus on progressing SEMCo's existing R&D project pipeline, with combined business development activities aimed at exploring additional applications of the technology through joint presentations to potential clients and markets.

The MOU formalizes almost two years of close collaboration on technology development and solution marketing. Over this period, the partners have worked together with increasing confidence, jointly exploring technical and market requirements. The signing of this MOU represents an important milestone: the culmination of both parties' belief in the technology and ability to deliver as a team. Now, advancing with a formalized relationship, the expanding teams on both sides will accelerate the development of the technology and its applications.

Ken Kroeger, CEO of Seeing Machines said: "This is a unique opportunity to enter into an alliance with a true global innovator in the advancement of consumer electronics and mobile devices. I can't think of a better strategic partner for the consumer electronics industry and feel strongly that working with our friends at SEMCo will help us to drive mass-market adoption of face and eye tracking technology. In the coming months, we will meet to discuss our first potential joint development agreement and I'm really excited about the opportunities that this will present."

Mr Sunkyu Lee, VP of Product Planning at SEMCo said: "SEMCo has been working with Seeing Machines for some time now and recognises their eye tracking algorithms as industry best. I believe that our joint development and commercialisation of these technologies will radically enhance the user experience and ultimately change the way that people use their electronic devices to interact with their online and offline environments. "

Enquiries:

Seeing Machines Limited	www.seeingmachines.com
Ken Kroeger, Managing Director and CEO	[phone] [e-mail]
James Walker, Finance Director	[phone] [e-mail]
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Ben Thompson Corporate Finance	[phone]
Victoria Bates, Corporate Broking
Newgate Threadneedle, Investment Communications for Seeing Machines
Robyn McConnachie Josh Royston	Tel: [phone] Mob: [phone] [e-mail] Tel: [phone] Mob: [phone] [e-mail]
Axicom, Public Relations Communications for Seeing Machines
James Kennedy	[phone] [e-mail]

About Seeing Machines

Seeing Machines, (AIM: SEE), is an AIM-listed technology company that specialises in operator monitoring and intervention technologies and services. Its software and engineering services are used in products and applications that range from devices that improve driver safety and save lives to assessing trainees in simulators and simplifying the relationships between people and technology. Seeing Machines technology is used worldwide across the automotive, mining, transport and aviation industries; as well as many of the leading academic research groups and transportation authorities. Seeing Machines is headquartered in Australia, and has offices in Tucson, Mountain View, and Santiago. The Company counts Caterpillar, Takata, and Eye Tracking Inc as its partners and BHP Billiton, Freeport McMoran, Teck, Toll Holdings amongst its customers.

About SEMCo:

Samsung Electro-Mechanics (SEMCo) is a multinational electronic component company headquartered in Suwon, Gyeonggi-do, South Korea and is one of the flagship subsidiaries of the Samsung Group. Established in 1973 as a manufacturer of key electronic components, SEMCo has become the leading electronic parts maker in Korea and a major global player. SEMCo manufactures a variety of electronic components used in computers, audio and video products, industrial electronics and telecommunication equipment.

 

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