Smart Eye provides eye tracking software for the most advanced applications, especially within automotive but it also addresses customers in defence, aircraft and academic research. Due to traffic safety and semi-autonomous cars the demand for driver monitoring is about to explode with an expected CAGR growth of 201 percent until 2025. Following 18 years of focus dedicated to this very area Smart Eye is in pole position, as proven by its design wins and strong connections with the German car OEMs who sell 75-80 percent of all premium cars globally. We initiate coverage with a base case valuation of SEK 76 per share. Our reasonably pessimistic and optimistic scenario implies a value of SEK 26 and SEK 156 respectively. A continuing stream of new design wins will drive the share price.