Smart Eye Announces Breakthrough Order for Its Fleet Driver Monitoring System AIS

GÖTEBORG, SWEDEN / ACCESSWIRE / March 20, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) will deliver its fleet driver monitoring system to two medium-duty truck models by a major European commercial vehicle manufacturer. The estimated revenue for the order is SEK 150 million, based on product life cycle volume projections.

Smart Eye, the leading developer of Driver Monitoring System (DMS) technology to the automotive industry, today announced it has signed a major contract for its AIS system. The recently launched product is a complete hardware and software driver monitoring system intended for original or aftermarket installation in commercial vehicles, mainly trucks and buses.

Smart Eye has previously delivered its technology to several of the customer's truck models, but as a software Tier 2 supplier. However, this new order marks the first time the customer, a major European commercial vehicle manufacturer, will be implementing Smart Eye's AIS product in medium-duty trucks. By doing so, the customer guarantees its new vehicles are compliant with upcoming European legislation, which mandates advanced distraction detection in all new vehicles.

The contract is Smart Eye's largest to date for its AIS driver monitoring system, with an estimated order value of SEK 150 million. The estimated value of possible additional design wins for this customer amounts to SEK 100 million over the product lifecycle.

Using Smart Eye's proprietary hardware and proven DMS software, AIS is developed specifically to reduce accidents in any vehicle. The system is built with the company's well-tested AI-based algorithms to detect early signs of driver drowsiness or distraction - improving overall road safety.

"This is a huge breakthrough for Smart Eye's AIS product," said Magnus Brunzell, VP for Fleet & Aftermarket at Smart Eye. "Technology that tracks driver drowsiness and distraction was first adopted in passenger cars in the premium segment but has since become an essential safety feature due to new legislation. Through AIS, we make our world-leading technology available to an even wider range of vehicles. This deal proves that Smart Eye has the ideal solutions for improving road safety and saving lives, regardless of vehicle type."