Seeing Machines has announced an exclusive collaboration agreement with Magna International covering driver and occupant monitoring system business centred around the vehicle’s interior rear view mirror.
At the same time, Magna is also providing “significant” additional investment in the Company through a Convertible Note.
Magna has agreed to invest US$65m via an exclusivity arrangement payment of US$17.5m and up to $47.5m through the note maturing in October 2026 and having a conversion rate per ordinary share of GBP0.11.
Seeing Machines and Magna will exclusively co-market driver and occupant monitoring, solely where the former’s IP is fully integrated inside the rear view mirror, until the end of June 2025.
Magna will make an upfront payment to Seeing Machines of US$10m with an additional US$7.5m payable over the following two years.
“As driver monitor systems start to become more standard safety technology, we see a lot of potential to lead the change with our integrated driver and occupant solution, an industry-first when it hits the market,” said Sharath Reddy, SVP Magna Electronics. “Our solution addresses growing automaker challenges associated with managing vehicle electronics integration and cost, with the need for seamless camera packaging across a diverse line of vehicle models. It also opens up new possibilities for the integration of other ADAS vehicle technologies.”
Seeing Machines has previously worked with Magna to help deliver integrated mirror technology to market.
The rear view mirror offers an effective cabin camera position and field of view for both driver and occupant monitoring for many passenger vehicles, enabling OEMs to meet the Euro NCAP and regulatory standards associated with driver distraction and impairment. The mirror is also suitable to support expanded interior occupant view which will enable a range of safety and convenience features inside the cabin.