Mobileye: Largest Israeli IPO in US history

By the end of 2014, the collision-avoidance technology from Israel will be available in 160 car models from 18 car manufacturers.

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.

Founded by former Hebrew University Prof. Amnon Shashua, a successful serial entrepreneur, Mobileye’s award-winning technology was commercialized through Yissum, the university’s R&D arm.

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.

About Abigail Klein Leichman

Abigail Klein Leichman is a writer and associate editor at ISRAEL21c. Prior to moving to Israel in 2007, she was a specialty writer and copy editor at a daily newspaper in New Jersey and has freelanced for a variety of newspapers and periodicals since 1984.