Seeing Machines CEO discusses key acquisition and partnerships; provides financial update

Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) CEO Paul McGlone joined Proactive's Stephen Gunnion with details of the company's new partnership with automotive supply giant Valeo and acquisition of Asaphus Vision.
McGlone emphasised the importance of the acquisition for machine learning capabilities, data acquisition, and collaboration benefits, highlighting that it brings deep expertise in AI and machine learning, and is expected to enhance the company’s technology and efficiency.
McGlone elaborated on the enriched data set the acquisition provides, which will improve features like driver identification and phone use monitoring. The collaboration with Valeo is a crucial step forward, he added.
McGlone also discussed the recent announcement of an extended agreement with Caterpillar, which includes a significant upfront payment of US$16.5 million and access to new market segments.
Finally, McGlone provided an updated outlook on Seeing Machines' financial expectations, noting factors affecting EBITDA and the anticipated impact of upcoming regulations on their automotive business. He reassured that the company is focused on achieving its cash breakeven run rate by 2025 despite some volatility in regulatory implementations.
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