Seeing Machines’ canny acquisition outweighed by Peel Hunt’s reduced price target

Investors were left scratching their heads as a bargain acquisition by Seeing Machines that enhances its automotive DMS/OMS offering, cements its presence in Europe and secures it more automotive contracts, was outweighed by news that Peel Hunt has reduced its price target from 12p to 9p.

The acquisition was of Asaphus Vision, a Berlin-based company that was owned by Valeo and which has strong IP in AI and machine learning relating to facial recognition and DMS. According to the RNS issued today, it supports a strategic collaboration with Valeo to grow market share in automotive. Moreover, the  acquisition for US$6m (only $2m in the first two years) is “expected to be cash neutral on an operating basis.”

Peel Hunt had previously stated (in a note dated 26th June) that it would reduce its forecasts “to reflect the timeline for the expansion of its driver monitoring systems (DMS) shifting to the right and slower-than expected roll-out of the Gen 3 aftermarket product.”

It that note it stated:“Greater uptake in ‘basic’ DMS has diluted royalty per car, whilst Gen 3 delays mean Aftermarket sales are low-margin end-of -life Gen 2.”

Today, Peel Hunt analyst Oliver Tipping confirmed that view: “Greater demand for low-priced ‘basic’ DMS and the delay in getting its Gen 3 aftermarket product ready to ship, mean FY24 margins are lower than expected. Underlying progress remains solid, today’s acquisition further differentiates its expertise, and the EU regulations mandating more advanced DMS (at a higher ASP) in 2026 keep us bullish on the medium term prospects. We revise our numbers based on this shift to the right and lower our 12-month TP from 12p to 9p, but retain our Buy rating.”

Its forecast revenue figures for the financial year ending 30 June 2025 has been reduced to $76.8m from $91m, with its pre-tax loss forecast to rise to $11.8m from $1.2m, with cash EBITDA falling to $1m from $11.3m. 

Bargain acquisition

Far from being dismayed at these developments, I think the market is being far too pessimistic. Seeing Machines has got a bargain acquisition in Asaphus, which only a year ago was valued at $12.5m by owner Valeo, for whom it was its internal DMS/OMS product development division.  Moreover, it’s tech reached commercial deployment in 3 automotive programmes, including one in China.

According to Peter McNally at house broker Stifel: “While Seeing Machines has worked with Valeo in the past, its work has had to be carefully delineated to account for Aphasus. With the company taking ownership of this asset, it appears that Valeo has now aligned itself with Seeing Machines technology and is evidenced by a statement from a representative of Valeo in today’s release which states, ‘We are delighted with this collaboration. Combining their teams with Seeing Machines, we will benefit from the best-in-class perception software to integrate into our hardware and software architecture for driver and occupant monitoring systems. Together, we will be able to provide more competitive solutions.’

McNally believes this tie up with another Tier 1 automotive supplier, in addition to Magna, is “a sign that the market is increasingly moving toward Seeing Machines’ solution.”

Deepening partnerships

So what are the implications for the future? Well, this is McNally’s take. “We note that less than a year ago, Valeo announced its Smart Safety 360 product that was suggested within the industry to use Mobileye (MYLY.O, not covered) advanced driver assistance (ADAS), as well as Seeing Machines DMS in the same product. We also note that Seeing Machines signed a non- exclusive distribution agreement with Mobileye in February 2023. We wonder what the combination of partnerships including these companies could be in the future. It appears that Seeing Machines has made partnerships/agreements with these companies that could be deepening the involvement amongst them.”

I believe this deal makes Seeing Machines an even more attractive target for an acquisition in the near future as its global dominance grows and high quality DMS/OMS becomes the only game in town.

The writer holds stock in Seeing Machines.

$16.5m license deal for Seeing Machines with slight delay for Gen 3 ramp

Seeing Machines (AIM: SEE) surprised the market with a ‘good news-bad news’ RNS, that led to house broker Stifel reducing its price target to 13p, while still maintaining its ‘Buy’ recommendation.

The good news was that it has renewed its software license for its Guardian aftermarket product with Caterpillar. It appears that is has received a $16.5m upfront payment covering a period of 5 years.

Unfortunately, it was effectively overshadowed by the bad news; a statement that “cash EBITDA” was behind expectations, due to a slower transition to the Gen 3 product.

Stifel analyst Peter McNally doesn’t appear to be overly concerned by the Gen 3 delay, reducing revenue estimates by 7.1% and 6.0% for FY25/26. He also assumes a higher level of operating costs going forward resulting in his reported EBITDA estimates dropping from $14.3m in FY25E to $7.0m and cash EBITDA loss falling to $10.8m from $3.5m. With the benefit of the cash from Caterpillar, his FY25 gross cash estimate reduces by a smaller amount to $14.2m from $17.9m.

He wrote: 

“The cash EBITDA weakness has been due to a slower transition to Gen3 Aftermarket products, and we think this will have an effect on our forward estimates, which we adjust to reflect today. However, the company reiterates its guidance for FY25 cash flow run-rate breakeven and the payment from Caterpillar helps boost the company’s already healthy balance sheet.

As the company gets closer to cash flow breakeven, we think the shares will appeal to a much broader group of investors, which should have a beneficial effect on the share price.

Seeing Machines remains one of our top picks within the sector. The shares trade at 4.1x EV/Sales for FY24E or 3.4x for FY25E. The estimate changes result in a revised target price of 13p from 15p, but leave plenty of upside to the current price.”

My personal view

I was very pleased with the license deal, particularly as it enables SEE to sell into the on-road portion of the General Construction category. As the RNS stated: “The changes open up access for Seeing Machines to sell its Guardian solution for on-highway vehicles directly and through its distribution network to select customers in many market segments of the General Construction and other core industries.” 

I wonder if it might even open up the possibility of further licence deals with other manufacturers in the near future, covering vehicles ranging from asphalt pavers, backhoe loaders, cold planers, fork lifts and so on?

What was a mistake in my view was combining an RNS detailing a positive licence deal and one attempting to explain the slower sales of Gen 3. Indeed, I would have preferred the ‘cash EBITDA” issue to have been dealt with in a separate RNS as part of the Trading Update. 

Unfortunately, the way the information was presented effectively killed what was a very good news story without giving any real insight into the issues with Gen 3 uptake. It’s not the first time great news has been upstaged by something negative and it was a clumsy way to communicate to the market.

Regarding the ‘bad’ news, the RNS that was published this week posed more questions than it answered. The reasons for the slower transition to Gen 3 weren’t properly explained, so I expect management to soon clarify exactly what has caused the delay. I’d also like to know if it correct to assume a higher level of operating costs going forward.

That said, Gen 3 is a game changer once it gets going. And that isn’t like to be far off. One source, who prefers to remain nameless but is so accurate that I refer to him as Nostradamus, told me: “I’m expecting sales to ramp up around November/December.” 

Another source has indicated that getting final sign off from the regulatory authorities for the Aftermarket Gen 3 Guardian solution in situ was the delaying factor. (I guess we should be thankful that the EU’s GSR standards are so high). However, that has apparently been achieved recently, so I’m expecting announcements regarding that. 

But why wasn’t that communicated in the original RNS, which would have made clear that the slow Gen 3 uptake really is just a temporary issue that has effectively been resolved? Somehow there appears to have been a miscommunication that cost investors dearly.

Mercifully, for the impatient, auto is doing very well. Not only am I confident that SEE will hit 3m cars on the road by the end of this financial year but Colin Barnden, the renowned analyst at Semicast Research, confirmed the likely ramp on LinkedIn. “The assumption is just the BMW and VW programs will lead to DMS deliveries exceeding 1 million units per quarter within the next twelve months. After many years of delays and frustration, 2024 will be the year DMS deliveries finally exceed ten million units.”

Apparently, the mix in terms of auto vehicles in Q2 led to a slight miss on the profit front for auto but with volumes shooting up it’s of little concern going forward. So why mention it in the RNS? 

I’m still very keen on this stock but would really like a little more care taken in the way news flow is handled and the RNSs are put together. It appears a bit too amateurish for a company that is a global leader in an increasingly hot niche market.

The writer holds stock in Seeing Machines

Seeing Machines to hit 3m cars on the road this year

Yesterday, Seeing Machines released its latest quarterly KPIs. These included very positive numbers for cars on the road with its driver monitoring tech. Indeed, I believe it is set to pass the 3m figure by the end of this calendar year, leaving Smart Eye far behind. (Literally in its rear view mirror).

The reason I’m so confident of that is because production of the VW models with its tech have begun, and VW churns out over 3m cars in Europe every year, never mind globally. 

Production of Seeing Machines Gen 3 Aftermarket product have also started, so I’m expecting a very healthy ramp up of revenues for that. 

With auto royalties increasing, auto extensions expanding long term production figures, and Aftermarket revenues set to swell, hitting its year end forecasts seems assured. This is particularly the case as my sources confirm management are laser focused on reducing costs to ensure it hits cash flow breakeven on a monthly basis in the next financial year. 

Breakeven confirmed

Paul McGlone, Seeing Machines CEO yesterday confirmed this, stating categorically: “We have worked hard this past quarter to remove cost from our business as part of our disciplined approach and rigorous operational focus. As we see our high-margin royalty revenues increase, we reiterate we are on track to meet FY2024 expectations and achieve a cash break-even run rate during FY2025.”

Certainly, house broker Stifel seems very confident. Yesterday, its analyst Peter McNally put out a note summarising the positives:

  • “The highlight of Seeing Machines Q324 KPIs (Jan-March ’24) are Automotive production volumes which are up 51% or more than 105k to c.313k in just three months (+80% y/y). This is welcome news after a still healthy but slightly slower Q224 and is likely to affect the shares positively, in our view.
  • The news comes with further reiteration from the company that it is on track to meeting FY24 (to June) expectations and continues to expect a cash flow break- even run rate during FY25. We make no changes to estimates as we approach year end but see this as positive given its main competitor recently pushed out its breakeven potential target by up to six months.
  • The shares remain one of our top picks within the sector as we approach regulatory mandates for all new vehicle types in the EU. We think investors should take advantage of the current price given the shares trade at 4.1x EV/ Sales for FY24E or 3.1x for FY25E. Buy.”

He maintains his target price of 15p. 

I’m still confident that with news of more contracts very likely, the share price has a lot further to rise before the end of June.

The writer holds stock in Seeing Machines.

Peel Hunt note questions Smart Eye and Seeing Machines comparison

Peet Hunt Analyst Oliver Tipping has issued a broker note on Seeing Machines that questions the contract size for Smart Eye’s recent US$150m win, while stating that Seeing Machines puts out minimum values for its wins. This is a point I made recently but, coming from Peel Hunt, it confirms it for any doubters out there.

Still, the most important point made in the note was that aside from its most recent $30m win, there are many more auto contracts expected to be announced by Seeing Machines early in the New Year. Tipping wrote: “This win was the first of the major European contracts Seeing Machines was hoping to win before the end of the year, thus its pipeline remains robust as it looks to deliver more wins in early 2024.”

The numbers game

Tipping also confirmed that Seeing Machines is very conservative regarding its contract values: “It  is  important  to  remember  that  the contract value Seeing  Machines reports is conservatively  based  off  minimum  production  volumes,  which are  likely  to  be  far  lower  than  the  actual  production  values  for  these contracts.”

Then he went on to caution investors. “It is vital for investors to be aware of the  differences  between  the  numbers  thrown  around by different  companies  in the DMS market. For example, it would be easy to be distracted by the SEK 1.55bn (US$150m) figure quoted in Smart Eye’s most recent win (which we believe to be General Motors). However, we are unclear how this figure has been calculated as Smart Eye  does  not  disclose its  method  for calculating the  value  of  these  contacts. In addition, this contract was as a tier 1 supplier to the OEM. Given it currently acts as a tier 2 supplier to this OEM, its CEO stated volume as a tier 1 supplier is only likely to ramp in 2029, into the 2030s (not from 2027 as mentioned in the RNS) and  thus  has  no  impact  on  cash  generation  in  the  short  to  medium  term.” 

Tipping went on to stress that the key indicator of success is cars on the road, stating: “Until Smart Eye starts reporting this number, the tangibility and true worth of the contract wins remains unclear.”

Still, I’m sure the figures put out by Smart Eye will help it immensely in any future fundraising efforts.

Aside from dealing a knock-out blow to those who think Smart Eye is the global leader in driver and occupant monitoring, the note maintained its ‘Buy’ stance on Seeing Machines and its 12p price target. 

Importantly, it also confirmed that Seeing Machines has, as promised by CFO Martin Ives, started to cut its expenditure. Analyst Oliver Tipping wrote: “Management confirmed that it has executed the first of its cost-cutting measures aimed at bringing the cash burn down to break-even by FY25 (-$3m a month exit run rate from FY23). We await further details in  the  1H24  update,  but  this  will  be  crucial  in  underpinning  the  long-term viability of the business. For now, the company has a strong balance sheet, which should see it to its targeted break-even date.”

Auto contracts worth $1bn

With its latest win Seeing Machines now has auto contracts officially worth US$366m. However, as previously stated, given Seeing Machines propensity to cite minimum values that turn out to be much larger, I believe the real worth of those contracts is approximately 3 times that. Yes, $1bn! 

Why is that significant? Well $1bn in auto contracts surely makes it a very desirable candidate for a takeover in the very near future, particularly as it is soon to hit break-even.

With the move to assisted driving taking over from dreams of full autonomy and legislation coming into effect this year in Europe that mandates driver monitoring, the future is looking very bright for Seeing Machines.

The writer holds stock in Seeing Machines.

US$30m contract for Seeing Machines

Great news from Seeing Machines today, as it announced a US$30m auto contract, which I think may well be PSA (part of Stellantis). However, others think it is likely to be Volvo (owned by Geely) moving from Smart Eye or even Jaguar, (owned by Tata).

If it is PSA, I look forward to state-of-the-art driver monitoring being launched in Peugeot, Citroen, DS, Opel and Vauxhall cars.

On the face of it the deal is much smaller than Smart Eye’s US$150m but, given that Seeing Machines tends to be ultra conservative, if you multiply the Seeing Machines minimum value by three and cut the Smart Eye one in half I think you’ll end up with a more realistic estimate of the value of both deals; US$90m versus US$75m.

Importantly, the announcement has confirmed that SEE management does deliver on its promises. Moreover, with the huge Consumer Electronics Show (CES) only 3 weeks away (9-13 January, 2024), I expect a lot more news to push the share price up considerably over the next month. We’ll see, I guess.

The writer holds stock in Seeing Machines.

Don’t despair with SEE: do more research

I must admit to having been a bit distracted by the ongoing genocide in Gaza over the past couple of months. Still, I felt it important to provide my views on the recent Kr1.55bn (US$150m) Smart Eye contract, as I know a lot of investors are rightly concerned by lack of news flow on the automotive front from Seeing Machines (AIM: SEE) – aside from a relatively small (US$15m) contract win in early November.

I do think the recent Smart Eye contract is with General Motors, as that has been the conclusion of 3 sources better placed than me to know about it (Colin Barnden, the RedEye analyst and my private source). Am I particularly concerned? Quite frankly, no. My guess is that, and it is only my guess, the contract is dual sourcing at bargain basement levels. As to the size of the contract, well SmartEye normally pump out the biggest figure they can so the lifetime value given is likely an absolute maximum.

Still, it is big positive for SEYE and I wish them well. The market is big enough for both SEE and SEYE and things are clearly hotting up in this space. 

As to SmartEye, being a Tier 1? Well, I think that is wishful thinking. Possibly a case of necessity being considered a virtue. For I still maintain my thesis that SEE takes 75% of the auto market with the Magna mirror and Valeo.  

Positives for SEE

If there is a positive for Seeing Machines, it’s that the logjam regarding larger auto contracts appears to be over. Moreover, the SEYE contract starts in 2027 so I think SEE via the Magna mirror has won a lot of contracts that will start before then.

That said, if we don’t get a big auto contract by the end of this quarter it’s definitely a disappointment. It’s particularly so given the fact that the strong likelihood of multiple contracts this quarter was flagged by both CEO Paul McGlone and his CFO, Martin Ive, in various interviews.

Still, I do believe they are honest and have been let down by OEM shenanigans re. The announcement of further contracts. My hope is that CES will deliver the news we’ve been waiting for re. Auto, with great news coming for Aftermarket with the launch of Gen 3 Guardian.

Indeed, I’ve been impressed by Ive since he joined (and not just because he looks like my younger brother). I also hear that he is cutting expenditure, as promised, to ensure SEE reaches breakeven as promised.

More effective communication

In the absence of said contract news, I’d like to see more timely and effective communication to stem the concerns of private investors. They (unlike fund managers) can’t just ring up the CEO to check on their investments. Moreover, for a private investor their investment often represents a huge proportion of their investment portfolio, not a mere 5 per cent maximum as in most funds.

I ask for this because I fear that many private investors are currently selling down their holdings because of a lack of reassurance from the company. Times for many are tough and I’d hate for private investors to miss out on what I increasingly believe will be rich rewards.

Please don’t take my word for any of this, it’s just my humble opinion and I’ve been wrong on details in the past. That said, being too early into an investment isn’t the same as being wrong. Indeed, I maintain that my original investment thesis remains intact, which is why I still hold this stock. In any case, do your own research as it will benefit you in the long run.

The writer holds stock in Seeing Machines.

6 reasons why SEE gets bought in 2024

I’m convinced that next year is set to be the year that Seeing Machines finally gets bought.

Here’s why: 

  • In the next few months Seeing Machines will prove to even the most sceptical observer that its DMS/OMS land grab has been successful, with it taking over 75% of the global market by value. The partnerships it has formed with the likes of Qualcomm, Magna, Valeo, etc. are unrivalled and its tech and implementation are clearly a cut above any other provider.
  • The launch of the third generation of its Guardian product for trucks and buses will see that business slash box costs and times for installation, enabling it to go ten times on that business in short order. Mobileye marketing it for Aftermarket should be a game changer.
  • Aviation will have been proved as a lucrative business that has legs, thanks to its partnership with Collins and the first of many huge, long-term contracts.
  • It is also clear that its technology has applications in other transport verticals, marine, and rail for instance, not to mention other industries such as robotics, entertainment, and security.
  • Profitability will become a certainty with the above contracts, leading to more funds investing and the price rising substantially, making it more attractive and fuelling the greed of a potential buyer.
  • There are just too many huge companies who now have a direct interest in acquiring this market leader, not to mention a huge amount of Private Equity capital available to fund a takeover. Moreover, if it were to go for $5bn, they could be fairly confident of it rising in value to $15bn-£20bn within a three-year horizon.

While the bulk of investors (including fund managers) are only now beginning to understand the strengths and potential of Seeing Machines, that can’t be said of the industry players, the chip companies and Tier 1s, who regularly work with Seeing Machines or come across its technology. Moreover, the likes of Alphabet, Amazon, and Apple know Seeing Machines and must like what they see.

Great business

A much smarter man than me, an investor, business manager, and experienced entrepreneur who has sold businesses, once told me: “Great businesses get bought NOT sold”. 

While some may hanker after a Nasdaq listing, I think market conditions over the next year and beyond will mitigate against this and leave an opportunity for a competitive bidding situation to arise.

I don’t know when exactly this will happen nor who will win but a bid is coming, of that I’m fairly certain. After all, Bosch was interested 5 years ago and Seeing Machines’ business is incomparably stronger now. Moreover, the dream of widespread adoption of autonomous vehicles has been shown to be just that, a dream that will take decades to be realised. Thus leaving the field to those who want to make driven cars safer.

Great value

In view of all the above, there is just too much value here at a sickeningly cheap price. (I’d be saying that even if the price was 35p, not 5p). The market abhors cheap value, as much as nature abhors a vacuum.

The writer holds stock in Seeing Machines.

Seeing Machines revenues beat broker forecasts

Seeing Machines trading for the FY2023 ending 30 June, was US$57.8m, beating all broker estimates. Moreover, it points to the current financial year being a transformational one for the AI-powered, vision-tech safety company.

Indeed, my model’s prediction of revenues at $60m would have been hit had the US$3m contribution from Collins Aerospace been included. Never mind, as the money was actually received in August, it will go into the 2024 figures.

All three divisions (Auto, Aftermarket and Aviation) are doing very well and will see growth increase over the next year.

  • AUTO. There are now over 1m cars on the road with Seeing Machines DMS in them, an increase of 143% over the past year. Moreover, the numbers will accelerate as more vehicles with its tech are launched to meet the requirements of the EU’s General Safety Regulation, which comes into effect in July 2024. I still believe it will achieve a 75 per cent share by value of this global market – although, hitherto the company itself has only confirmed 40 per cent by volume and 50 per cent by value.
  • AFTERMARKET. The Guardian business had almost 52,000 heavy vehicles connected, with record sales (10,000 plus) in the fourth quarter. That represents an annual growth rate of 30 per cent but I expect a huge increase this year with the launch of its third generation offering, at a higher profit margin.
  • AVIATION. This is starting to deliver revenues following its exclusive license deal with Collins Aerospace. Aside from license revenue of $10m over 3 years, it will also receive non-recurring revenue payments to develop specific solutions, which will in turn evolve into potential future royalty payments as products are shipped to customers.

I can only agree with the comments from analyst Damindu Jayaweera at Peel Hunt who, in a note published today, concludes:

“Since initiating coverage, the company has delivered positive surprises in the form of a large aviation contract with Collins Aerospace, and this FY23E beat. With the support of the Magna contract, we see a cash runway well into FCF generation. Despite all this, the shares are back to 2018-20 levels, when it looked as if the company would run out of its cash runway. We believe this dislocation is an opportunity that investors should exploit, following in the footsteps of all the insider buying we flagged in our initiation. We reiterate our Buy rating and 12p TP.”

In my humble opinion, Seeing Machines represents that rare combination of a value play that is set for stellar growth. However, do your own research.

The writer holds stock in Seeing Machines.

Seeing Machines rises in expectation of positive trading update

The price of Seeing Machines is rising in expectation of it beating consensus forecasts for the 2023 full year to 30th June, when it provides its trading update on 22nd August.

To refresh your memories, here are most of the broker forecasts for Seeing Machines FY2023. Unfortunately, I’m missing that of its house broker, Stifel. 

Brokers2023 revenues (US$)2023 adjusted pre-tax loss
Cenkos 53.5m15.2m
Panmure 56.7m13.2m
Berenberg 54.1m16.8m
Peel Hunt 53.8m17.1m
Stifel


Safestocks60m11m

I’m confidently predicting that Seeing Machines will beat these estimates and have pencilled in revenues of around US$60m for 2023. I’m not even going to provide 2024 estimates as I expect all the brokers to upgrade soon. Indeed, even their initial upgrades won’t factor in likely progress over the course of the 2024 financial year.

There is also a frisson of excitement around the launch of its Gen 3 Guardian Aftermarket product. I expect to learn the date for the launch of its Gen 3 product for trucks on 22nd August. I’m hoping it is before the end of September and is announced with at least one sizeable contract — it must have been going through its paces with existing Fleet customers.

Auto and Aviation appear to be progressing well and further positive updates could well drive the price to all-time highs by this Christmas. 

EBITDA breakeven

Furthermore, I’m expecting confirmation of further news in the coming months that should send the share price into overdrive as EBITDA breakeven is brought forward. Breakeven at the EBITDA level isn’t more than 12-18 months away based on the current trajectory. Still, I expect sales to accelerate from here to such an extent that I believe there is a likelihood that we hit EBITDA breakeven by the end of the current financial year. Should brokers publicly confirm this the share price will go gangbusters.

My confidence in the near term is also strengthened by a comment from the analyst now covering Seeing Machines at Berenberg. In a note dated 21 July, 2023 Robert Chantry stated: “We also expect the company, in the medium term, to leverage its significant knowledge pool and expertise to develop new products and adjacent technologies, particularly once it has achieved breakeven at EBITDA. This might include other types of transport, as well as revenue streams relating to marketing.”

Given that Seeing Machines always plans years ahead you can be pretty confident that what Chantry opined isn’t mere conjecture.

Here are my thoughts:

  • Transport. I believe that in the past Seeing Machines has undertaken some marine trials of its technology and we know it has been used in trains. The fast-growing eVTOL market seems ripe for such tech plus there is all manner of machinery, from tractors to cranes that could perhaps do with it. It surely is a no-brainer that SEE’s tech get’s licensed to Tier 1s in other transport sectors now that it has Auto, Aftermarket (Fleet) and Aviation sewn up.
  • Marketing. Eye-tracking has been used by competitors to assess the efficacy of marketing, for instance Tobii. As Tobii has entered the DMS space (albeit with no sign of success), it seems only fair that Seeing Machines returns the favour.

Tesla

Strangely enough, I received a press release this week from CMC Markets that mentions that Tesla is the UK’s most googled S&P500 stock, with an average of 260,180 Google searches a month. In my books that is probably a sign to sell the stock. In a saner world, those people would instead be googling Seeing Machines. 

An additional irony is that Tesla really ought to be putting Seeing Machines Driver Monitoring into its vehicles. It would stop ‘bad Ted driving’ and save lives.

The writer holds stock in Seeing Machines.