Mitsubishi Electric Mobility Corporation announced that it has entered into a capital and business partnership with Seeing Machines Ltd. Seeing Machines, a renowned Australian DMS software provider, to expand its Driver Monitoring System business, which supports safe driving by detecting driver distraction and drowsiness.
In the Transaction, Mitsubishi Electric Mobility will invest a total of 40.0 million GBP and subscribed to 15% (13% on a diluted basis) of newly issued shares through a third-party allotment by Seeing Machines on December 23.
London AIM market
Additionally, Mitsubishi Electric Mobility intends to acquire an additional 6.9% of shares held by existing shareholders through an over-the-counter transaction before the London AIM market opens on December 24. As a result, Mitsubishi Electric Mobility’s shareholding in Seeing Machines is expected to increase to 19.9%.
Due to its effectiveness in preventing accidents, DMS will be mandatory in new vehicles in Europe starting in 2026, and regulatory movements are also observed in other major markets, pioneering to an expected rapid global market expansion in the future.
Advancement of Software-Defined Vehicle technology
Mitsubishi Electric Mobility aims to grow business in the rapidly growing DMS market by mixing Seeing Machines' strength
Furthermore, with the advancement of Software-Defined Vehicle (“SDV”) technology, it is anticipated that the supply model for DMS will not only include integrated hardware and software component businesses but also see significant growth in the software-only business, requiring the ability to adapt to flexible supply models.
Through the Transaction, Mitsubishi Electric Mobility aims to expand business in the rapidly growing DMS market by combining Seeing Machines' strength in core sensing technology for high-precision detection of face orientation and eye movement through image processing, and Mitsubishi Electric Mobility’s strength in advanced state estimation technologies for detecting drowsy driving and passenger health abnormalities in an in-vehicle environment.
Regulations and assessment requirements
Through the technological synergy between both companies, Mitsubishi Electric Mobility will be able to respond quickly and accurately to globally evolving regulations and assessment requirements.
By maximizing the use of both company’s technological assets and development capabilities, Mitsubishi Electric Mobility will provide competitive solutions that cover a wide range of technologies, from fundamental to applied, and create new added value, pioneering to the delivery of a safer and more comfortable in-vehicle environment for users.
Additionally, the Transaction will strengthen Mitsubishi Electric Mobility’s ability to address the expanding software only business and provide sales support for the corporate businesses, such as those for transportation companies, which Seeing Machines is currently focusing on.
