Blog: How we are responding to the COVID-19 at Smart Eye
As the entire world faces an unusual public health emergency, the global coronavirus pandemic is affecting all of our families, our businesses, our communities, and our way of life. During this time, we wanted to reach out and update you on how we’re approaching the situation at Smart Eye.
Smart Eye crowned by success, announces 24 new design wins with four different OEMs in one fell swoop
Of the four OEMs two are new customers; one is an American high-volume car maker and one is a European premium manufacturer, and two are existing European premium customers. The estimated combined life-time value of the four contracts is at least 500 MSEK.
“I am exceptionally proud of Smart Eye’s engineering team. They have developed a scalable software solution that can run on multiple hardware platforms. This ensures the combination of optimized performance, competitive system cost and is qualified for safety critical automotive applications. This is a winning formula” says Martin Krantz, founder, and CEO of Smart Eye.
The car platforms are all estimated to go into production in 2022 with a string of new cars being launched over the following years.
“It’s important to keep in mind that DMS is a safety system driven by EU legislation, regulations and organizations such as EuroNCAP. The automotive industry may face difficulties now, but the car drivers of the future will still be protected by intelligent safety systems that will reduce traffic accidents” according to Martin Krantz.
Through its leading position for DMS in the automotive industry, Smart Eye has already secured its sales for the coming years. This provides a solid base for the delivery of DMS in the short and medium-term.
“This constitutes a large part of the competitive procurement processes communicated during last year and we are poised for further victories in the near future. This is a solid foundation for the company, and we are determined to continue to lead the automotive DMS industry into the 2020s, as it’s becoming as common as seatbelts and airbags” says Martin Krantz.
As a precautionary measure with the current market volatility due to the coronavirus, Smart Eye has decided to lower its operating costs in order to conserve cash. The cost reduction program enters into effect immediately. Special emphasis is placed on ensuring that the numerous delivery commitments to the global automotive industry are met. This ensures the financial stability for operating the company for at least 18 months. The company retains readiness to quickly scale up if Corona related uncertainties improve.
Smart Eye has received a total of 81 design wins from 12 OEMs. The combined estimated lifetime value from current design wins is now larger than 2,000 MSEK.
The potential for securing more car models on the new platforms is at least another 2,000 MSEK.
Estimated value over the product lifecycle from possible additional design wins with existing car manufacturers on existing platforms is now 3,300 MSEK.
Follow our digital and social platforms for additional information, www.smarteye.se or SmartEyeAB on Facebook, LinkedIn, and Twitter.
For more information
Martin Krantz, CEO Smart Eye AB
Phone: +46 70-329 26 98
Anders Lyrheden, CFO Smart Eye AB
Phone: +46 70-320 96 95
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