Mitsubishi Electric Mobility has bought just under 160 million shares in Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) from cornerstone investor Lombard Odier for 4.09p each.
It is part of the Japanese manufacturer's bid to increase its stake in the AIM-listed eye-tracking specialist to 19.9% as it cements a closer working relationship with the Anglo-Aussie tech group.
CEO Paul McGlone told investors: "Accessing a portion of shares from our largest longstanding shareholder assisted in this process and demonstrates Lombard's recognition of the significance of the agreement entered into by Seeing Machines and Mitsubishi.
"We are grateful to Lombard Odier for their support in effecting this milestone transaction and I look forward to continuing to work with Michael Brown, who remains on our board as a non-executive director, and our enlarged shareholder base to deliver significant value".
The Mitsubishi partnership is focused on driver and occupant monitoring systems (DMS and OMS) to enhance automotive safety, with plans to accelerate adoption in the Japanese market.
Earlier this month, the engineering and electronics giant agreed to pour in just over £26 million of new investment to Seeing Machines by subscribing to new stock at a premium to the market price.
Following the Lombard Odier sale, the investment firm now sits on a 9.87% stake.