Shares of Seeing Machines Limited (LON: SEE) today surged 12.2% after the computer vision company revealed that it had signed a license agreement with OmniVision Technologies for its Occula technology.
OmniVision has been working with Seeing Machines for the past five years and will use the ‘Occula’ neural processing unit (NPU) technology to develop products that meet the needs of the global driver and occupant monitoring systems market.
Seeing Machines noted that the agreement represents the first execution of a silicon licence for Occula, which allows the development of low-cost, high-performance edge-AI to power future human-machine interfaces.
Paul McGlone, Seeing Machine’s CEO, said: “Seeing Machines has had a wonderful working relationship with OmniVision for over 5 years now, having successfully worked together on multiple automotive programs with a number of Tier 1 customers. This agreement represents a natural next step for our two companies, to work strategically together to achieve the highest possible coupling between the imaging and processing domains,”
Adding:
“We are thrilled to continue working with OmniVision as both companies combine to continue to deliver excellent price versus performance Driver and Occupant Monitoring solutions to the market.”
Seeing Machines share price
Seeing Machines shares surged 12.2% to trade at 7.70p having risen from Tuesday’s closing price of 6.86.