Efic is proud to have supported Seeing Machines with their global expansion

Seeing Machines is a leader in computer vision technologies that deliver real-time understanding of drivers through artificial intelligence analysis of heads, faces and eyes, for Driver Monitoring Systems (DMS) in most transport sectors.

“We’re considered a world-leader in computer vision technology,” said James Palmer, the chief financial officer of Seeing Machines. “Our solution enables machines to see, understand and assist people. The primary application is driver monitoring systems, and it basically monitors driver attention for drowsiness and distraction using face recognition and eye-tracking. The aim is to reduce accidents and help save lives.”

In 2017 Seeing Machines experienced a growing demand for its expanded range of solutions as a result of its market-leading solutions. The executive team recognised that the business was evolving from what was effectively a technology start-up to a more mature business, with a need to scale for greater manufacturing volumes and dealing with multiple overseas suppliers.

One of the key opportunities that the organisation was looking at was a landmark contract with Thai-based distributor, Kiattana Transport, in the fleet business. Seeing Machines won a contract to deliver 8,000 units of the Guardian driver monitoring units and needed working capital to manage manufacturing and delivery by June 2018.

James explained that they explored opportunities with their own bank and also some others. “Their answer to us was always that we were a little too early stage for them. And in fact, one of the banks we were talking to did suggest Efic as an option.”

“Efic really took the time to understand our business and to model the cashflow that worked with our distributors. In fact, some of the modelling we did as part of the due diligence actually helped us think through some of our cashflow planning.”

In September 2017, Seeing Machine was able to access a US$2m Export Line of Credit facility. This is seen as the first step to expand the relationship with Kiattana Transport and increase the export capacity of the business.

“Kiattana is very passionate about our products and we are also working closely with them on the monitoring component of our service,” said James. He goes on: “Without Efic’s help, delivering on that contract would have given us real headaches in terms of being able to manage the working capital requirements.”

“This is the first time this company has ever had any debt, because we’ve always been a start-up. It’s a sign of a company maturing when they need to access facilities like the one from Efic.”

If you would like to talk to someone about financing your export-related growth, call Efic on 1800 093 724 or visit www.efic.gov.au.

Seeing Machines - 2017 Australian Export Awards National finalist in the Digital Technologies category.

To view the AEA case study on Seeing Machines click here