Collins Aerospace is a Raytheon Technologies (NYSE: RTX) business and the world’s largest Tier 1 Avionics cmopany.
Under the Agreement, Seeing Machines and Collins will work together to jointly market and deliver innovative AI powered eye-tracking solutions to the global Aviation industry, enhancing safety and better supporting pilots with mission critical fatigue detection solutions. The Agreement builds on the successful collaboration between the two companies announced on 15 November 2021 in order to access the significant opportunity across aircraft and simulators of over US$700 million in the next 20 years, and to develop revolutionary fatigue management technology solutions to increase safety across the aerospace sector.
In return for Seeing Machines granting perpetual exclusivity to Collins for Aviation and Space fields of use, Collins will make an upfront payment to the Company of US$3 million, with the additional US$7 million payable over the following two years. Further, Collins will pay Seeing Machines non-recurring engineering (NRE) payments to develop the solutions, evolving into potential future royalty payments as shipsets are released to customers.
Read full release here.