South Korean tech giant Samsung is reportedly in advanced talks to buy Israel tech firm Corephotonics for a deal estimated to be between $150-$160 million, according to Globes.
Corephotonics was founded in 2012 by CEO David Mendlovic and VP R&D Dr. Gal Shabtay and focuses on developing dual camera technologies for mobile devices. The company has raised over $50 million over the years from investors such as Samsung Ventures, a Samsung investment arm, Foxconn, Horizon Ventures, OurCrowd, and SanDisk.
In late 2017, Corephotonics filed a lawsuit against Apple, alleging that the US tech giant copied its patented camera technology and incorporated it into one of its most popular products, the iPhone. The suit, filed in November 2017 in federal court in California, said Apple used the Israeli company’s dual camera tech in the iPhone 7 and iPhone8 Plus without Corephotonics’s permission.