Seeing Machines Partners with Mitsubishi Electric Mobility to Enhance Automotive Safety and Drive Growth

December 23, 2024 07:10 PM AEDT | By Team Kalkine Media

Seeing Machines Partners with Mitsubishi Electric Mobility to Enhance Automotive Safety and Drive Growth — Image source: Shutterstock

A Significant Investment for Growth

As part of the collaboration, Mitsubishi Electric Mobility has also made a significant investment in Seeing Machines, raising approximately £26.2 million (US$32.8 million) through a subscription agreement. This investment, which represents 15% of Seeing Machines' pre-issue share capital, will strengthen the company’s balance sheet and provide the necessary funding for further growth in new and existing markets. Mitsubishi Electric Mobility intends to increase its stake to 19.9% through a secondary transaction, further solidifying its position in the company.

Targeting Automotive and Aftermarket Opportunities

The partnership will primarily focus on opportunities within the Japanese automotive market, where Mitsubishi Electric Mobility has already seen success with its DMS technology. Seeing Machines aims to accelerate the adoption of its driver and occupant monitoring solutions with Japanese OEMs, who are responding to growing global regulatory trends. The companies will also collaborate to expand sales of Seeing Machines' Guardian Generation 3 system in the aftermarket sectors across Japan, Europe, and North America. Mitsubishi’s extensive aftermarket distribution network will play a key role in driving this expansion.

Expanding into New Markets

In addition to focusing on the automotive sector, the collaboration will allow Seeing Machines to explore adjacent markets where Mitsubishi Electric Mobility holds a leadership position. This partnership opens new avenues for Seeing Machines to grow in untapped regions while continuing its core focus on improving transport safety and delivering shareholder value.

Path to Profitability

The combined efforts in Japan, North America, and Europe are expected to accelerate Seeing Machines’ path to profitability, positioning the company for long-term success in the automotive safety market.

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