Jerusalem-based Mobileye, whose driver-assistance software chips are integrated in approximately 3.3 million vehicles worldwide to help avoid accidents, raised $890 million on July 31 — a record for an Israeli company’s initial public offering (IPO) in the United States. The amount continued rising in the first days of trading until the final amount raised reached an unprecedented $1.023 billion.
Mobileye’s EyeQ chip and algorithms have been integrated into new car models since 2007. By the end of 2014, the technology will be available in 160 car models from 18 car manufacturers. Moreover, Mobileye’s technology has been selected for implementation in serial production of 237 car models from 20 manufacturers by 2016.
The company’s system-on-chips is based on processing visual information for driver assistance systems intended to keep passengers safer and reduce the risk of traffic accidents.
Using data from a monocular camera configuration, the proprietary software algorithms and EyeQ chip perform detailed interpretations of the visual field in order to anticipate possible collisions with other licensed vehicles, pedestrians, animals, debris and other obstacles. Mobileye’s products can detect roadway markings such as lanes, boundaries and barriers, as well as identify and read traffic signs and traffic lights.
The system could potentially revolutionize the driving experience by enabling autonomous driving.
Mobileye posted a 2013 net income of $19.9 million. Revenue last year was a reported $81.2 million, more than double its revenue in 2012.