Seeing Machines gets huge boost from auto giant Mitsubishi
It has been announced that Japanese auto giant Mitsubishi will invest £26.2m into the Aim-listed automotive tech firm Seeing Machines.
The partnership will see Mitsubishi’s electric mobility arm become a significant shareholder in the company, taking a 19.9 per cent holding.
Shares in Seeing Machines soared nearly 20 per cent on the news.
Launched in 2000, the Canberra-based firm designs AI-powered monitoring systems for vehicles which aim to improve transport safety. It listed in the UK capital in 2005 and has a market capitalisation of £191m.
The collaboration will focus on automotive opportunities in Japan, according to a statement on the London Stock Exchange, as Seeing Machines aims to accelerate the adoption of its tech among Japanese manufacturers.
However, the Aussie firm also said the tie-up would allow it to “begin expansion into new regions… with the ultimate goal of getting people home safely.”
Kunihiko Kaga, president and chief executive of Mitsubishi Electric Mobility, said the partnership would aid its increasing focus on technological advancements in the automotive sector, such as autonomous driving and electric vehicles (EVs).
“We position this partnership with Seeing Machines as part of this strategy and are confident that by combining the strengths of both companies, we will be able to provide the market with new and attractive products.”
Paul McGlone, chief executive of Seeing Machines, said: “We have been working closely with our new colleagues at Mitsubishi Electric Mobility and the synergy is clear: promising significant benefits for both of our businesses.”
“We have carefully considered this investment in Seeing Machines to ensure that we remain focused on supporting our existing key customers and programs across our transport focused businesses, while we accelerate growth in currently under-served markets and together explore new opportunities in adjacent industries.”