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Seeing Machines expands into South America with DSS contract in Peru

Developer of advanced vision based industrial systems Seeing Machines (LON:SEE) has won a contract to install
the DSS driver monitoring equipment in the haul truck fleet at an open-pit mine in Peru, marking its first success in South America.

Seeing Machines declined to provide the details about the company or the details of the projects its systems are to be used at.

The contract builds on earlier DSS installations with an existing client and will cover the fit-out of 28 haul trucks at the mine site.

“We are excited to be to announcing this new contract the for the company's first DSS deployment in South America.  Our DSS pipeline remains strong and we will announce further deals at the appropriate time,” said chief executive of Seeing Machines Nick Cerneaz.

Daniel Stewart & Co issued a note in Seeing Machines this morning, saying that earnings growth at the group is now firmly associated with DSS. "The company continues to deliver DSS contracts at a regular pace within the framework of its agreements with its mining clients."

The DSS system directly monitors the driver of a vehicle for distraction and fatigue events and provides a series of interventions aimed at managing these events and averting potential operator caused accidents.

Earlier this month the company announced the expansion of its presence in South America with two new DSS orders from a mining company, covering 45 haul trucks on two mining sites.

In recent months, Seeing Machines has installed the DSS at several mining operations. In June it landed a contract with Freeport-McMoRan (NYSE: FCX) to install the driver monitoring equipment in the haul truck fleet at the Morenci mine in Arizona. Previously in April, the company also agreed to install the product at Freeport’s the Safford mine, also in Arizona.

Aside from the DSS, the company has a number of other product lines, based on its proprietary image tracking technology. Notably, through an API (application programming interface) package, Seeing Machines makes its suite of image-processing modules available to software and technology developers. Through the development and production licenses the company generates additional revenues from its proprietary technology.

The API licensing business landed two new contracts in July. Firstly, a deal with Di-O-Matic Inc marked Seeing Machines' first production license to be sold into the computer graphics (NASDAQ:CG) animation sector.
Shares in the company rallied 11% on the news in early trade.


Disclosure: The author holds no positions in the company