LONDON (ShareCast) - (Sharecast News) - Shares in Seeing Machines powered ahead on Monday, after the AIM-listed tech firm clinched a key referral agreement with Mitsubishi Electric in Europe.
It is Seeing Machines' second deal with Mitsubishi Electric, following a collaboration with Mitsubishi Electric Automotive America, announced in February.

Financial details of the European deal were not disclosed.

However, Seeing Machines - a specialist in advanced computer vision technology - said the deal with Mitsubishi Electric Europe came as car makers worldwide were preparing to comply with the European Union's vehicle general safety regulations.

The new rules mandate the use of driving monitoring system technology, to reduce risks association with distracted driving.

Paul McGlone, chief executive, said: "Mitsubishi Electric Europe's world-leading, proven reputation and established relationships position it as an ideal partner to bring our Guardian technology to new customers across the region as regulatory deadlines take effect.

"Working with strategic partners across the world is key to our success, particularly when it comes to the acceleration of Guardian sales into commercial fleets."

Rob Noon, automotive business unit president, Mitsubishi Electric Europe, said: "This agreement reflects our shared commitment to reducing transport risk."

Seeing Machines also confirmed on Monday that it had renewed its distributor agreement for Guardian with Australian distributor Connect Source.

As at 1000 BST, shares in the firm - which is headquartered in Australia - were trading 13% higher at 3.17p.

Mitsubishi Electric is part of Japanese electronics and electrical equipment giant Mitsubishi Group, which makes a range of tech goods, including elevators, air conditioning, factory automation systems and semiconductors.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE