Cipia, an AI computer vision in-cabin automotive solutions provider, announced Wednesday that it has raised $22 million as part of the company’s initial public offering (IPO). Cipia will trade on the Tel Aviv Stock Exchange (TASE) under the symbol CPIA.
As European car safety standards evolve and recent directives mean that manufacturers are required to install driver monitoring systems (DMS) in all new vehicles, Cipia is at the forefront of providing that technology to those car makers.
The European New Car Assessment Program (Euro NCAP), an organization at the forefront of safety standards – which is perhaps best-known for testing a car’s durability in the event of multiple crash scenarios – added a driver monitoring system to its requirements as part of the vehicle safety rating for future vehicles, with the most comprehensive requirements coming into effect in 2025. Following Euro NCAP’s lead, the European Parliament passed legislation that mandates the gradual integration of DMS software for new vehicle registration from 2024 until 2026.
Parenthetically, these new regulations help explain the disappearance of small, more affordable cars in car manufacturers’ line-ups, as the associated expense of adding these DMS drives up the cost of vehicles.
Designed for integration in new vehicles, the company’s flagship product, Driver Sense, is a driver monitoring system that utilizes AI and computer vision algorithms to monitor important visual cues of the driver in real-time for signs of driver drowsiness, distraction, and other dangerous actions (such as holding a cellphone while driving). Once detected, the DMS enables life-saving alerts and actions.
Cipia holds over 70 patents in computer vision AI. With the advent of DMS regulations around the globe, requests for solutions to meet the requirements are growing at an accelerated pace and the integration of DMS technology is becoming a necessity.
Cipia partnered with Mobileye to integrate the Driver Sense software on Mobileye’s chip. The company estimates that the integrated ADAS and Driver Sense DMS solution provides the market with a more cost-effective offering compared with other alternatives, and can assist the company in reaching substantial market share.
Cipia also offers Cipia-FS10, a video telematics and driver monitoring device for fleets. Cipia-FS10 provides real-time life-saving alerts to the driver, as well as tailored alerts and insights to fleet management. The solution enables the fleet to be managed more intelligently and efficiently. Cipia-FS10 was launched at the beginning of 2021 and is now being integrated by customers globally.
“The success of the IPO will significantly strengthen our business and competitive status, enabling Cipia to scale up and meet the growing demand for in-cabin sensing solutions,” said David Tolub, CEO of Cipia. “The funding will also enable us to examine strategic acquisitions and promote further collaborations… I am confident that Cipia has the range of solutions and the technological advantages to maintain a leading position in the global in-cabin sensing market, and we are committed to continuing to grow the company and bring value to investors.”
“Cipia’s technology for in-cabin monitoring is one of the most advanced in the world,” said Professor Eli Talmor, Chairman of the Board at Cipia. “The solution not only meets existing regulatory needs, but is also a cornerstone for passenger experiences and monetization of cabin information, for future autonomous vehicles and mobility services.”