Mobileye is planning an IPO at a colossal company valuation of $2.5-3 billion, according to financial news website Calcalist.
If that is the case, Mobileye, which specializes in the development of Advanced Driver Assistance Systems (ADAS) for motor-vehicles, will offer up the largest ever IPO made by an Israeli company on NASDAQ. According to the report, the Israeli founders of Mobileye will attempt to raise $500 million at a company valuation of $2.5-3 billion.
Get our weekly newsletter directly in your inbox!Sign up
- Israel’s Evogene Tells NoCamels What It’s Like To Become A Major Public Company
- Israeli Company Mobileye Developing Driverless Cars
In July of 2013, the company raised money from five investors that valued its equity at $1.5 billion. Mobileye’s offering process is managed by American book running managers Goldman Sachs and Morgan Stanley, who have a major role in making the company’s IPO one of the largest ever on NASDAQ.
Accident prevention and driverless driving
Mobileye is an active safety system in automobiles warning drivers to prevent collisions and accidents on the road. The company was established by Professor Amnon Shashua and Ziv Aviram, both of whom are set to put their 10 percent stock holding in Mobileye on the market as part of the massive IPO offering.
The driving assistance and accident prevention system developed by Shashua is the first of its kind to be introduced to the world of automobiles. Shashua’s unique system utilizes cameras capable of “artificial vision.” Mobileye’s hold on an increasingly lucrative field in the automobile industry has helped push forward its profits steadily, with a number of luxury and family car manufacturers, like BMW and General Motors, integrating the company’s technology as a feature in their latest models.
The company plans to begin developing other automobile-related technologies, such as automatic driving capabilities. According to reports issued last month, Mobileye joined in the development of the Tesla Motors’s electrical car that will be able to drive on its own using five cameras, two in the front, one in the back and two on the sides, which will be synchronized with the vehicle’s navigation system.
The breakthrough technology has been tested on Opel, Audi, Toyota and Nissan vehicles, but it is still unclear when it will be fully integrated into the automobile market.