Mobileye was founded in 1999. Its initial technology was based on picture-identification technology developed by Amnon Shashua, a professor at the Hebrew University of Jerusalem who is also the company’s chairman. He founded the firm with Ziv Aviram, Mobileye’s CEO. Each currently owns a 10% stake in the company. Mobileye’s development center is in Jerusalem’s Har Hotzvim business park, where the firm has a staff of about 200 engineers.
Among the firm’s most prominent investors is Bank Leumi, which made its initial investment in 2008. Leumi Partners has invested some 60 million shekels ($17.3 million) in the venture, for an ownership stake of about 3% in Mobileye. The Israeli car import firm Colmobil is among other Israeli stakeholders in the company.
Mobileye markets its products directly to car manufacturers, and the devices can be found in all models of Cadillac sold in Israel, as well as in new Volvos. A number of other manufactures are also clients, including BMW, Ford, Honda, Hyundai, Citroen, Toyota and Chrysler. Although it is most commonly featured in luxury cars, the product is expected increasingly to be used in lower-priced models, as the price tag on the technology drops and as regulatory agencies demand collision-avoidance systems in Europe and the United States.
Last year, Mobileye had revenues of some $85 million and profits of about $35 million. The high valuation placed on the company for purposes of the IPO reflects expectations of improved financial results in coming years, as its business grows through increased sales to carmakers around the world.
In June 2013, MobilEye sold about 25% of its shares, raising $400 million and giving the company a valuation at the time of about $1.5 billion. In 2007, Goldman Sachs invested $100 million in MobilEye. Alongside Goldman Sachs, investors in that financing round included BlackRock Inc., Fidelity Management & Research Co., Wellington Management Co., Chinese investment firm Sailing Capital Management Co. and U.S. car rental firm Enterprise Rent-A-Car Enterprise Holdings, Inc .
Since its inception in 1999 Mobileye has led the way in machine vision technology for mono-cameras, supplying global vehicle manufacturers with the core System-on-Chip designed to specification for vision based solutions. Mobileye’s key breakthrough was the realization that all the desired functions could run from the input of the mono-camera, pioneering a new path in machine vision technology. At the time, all other automotive suppliers were focused on stereo vision or alternative technologies such as radar. This realization was a revolutionary leap in the market. Today Mobileye continues to lead the field of mono vision for Advanced Driver Assistance Systems.
The company’s technology is built around a single camera that is installed between the vehicle’s rear-view mirror and the windshield. The device contains a processor that is capable of identifying other vehicles as well as pedestrians and cyclists, and it provides drivers with a warning when it detects the risk of collision. The major advantage of the singe-camera approach to collision avoidance over the uses of radar or several cameras is the price. “Radar costs the customer $2,000, while the cost of a camera runs between $100 and $150,” Shashua explained.
National News1 week ago
Pelosi, Schumer to Address J Street Confab Alongside PLO Members
New York City News1 week ago
NJ ‘Orthodox’ Jewish Man Hosting Orgies in E Village Apt; Wife Wants Divorce
Education2 weeks ago
Report: Anti-Semitic Harassment at U.S. College Campuses Hits Historic Levels
New York City News2 weeks ago
Scarlett Johansson Continues to Support Woody Allen Despite Dylan Farrow’s Hate Campaign
Op-Ed2 weeks ago
If You Liked the Mueller Investigation, You’ll Love Impeachment
JV Editorial2 weeks ago
The “Politics” of Anti-Semitism in NYC
Special Features3 weeks ago
A Tri-Generational Bat Mitzvah For A Donor-Conceived Family
New York City News1 day ago
Questions Surround WeWork’s First Investor; Adam Neumann Falls Off Forbes’ Billionaires List