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Intel will take public its self-driving technology company, Mobileye, which it acquired for $15.3 billion. The chipmaker said that by listing Mobileye's shares on the stock market, it hopes tounlock more value for its shareholders. The majority shareholder in Mobileye is Intel.
In a statement, Intel said that its acquisition of Mobileye was a success and that revenue was 40 percent higher in the year ahead. Pat Gelsinger, CEO of Intel, said that an IPO provides the best opportunity to build on Mobileye's track record for innovation and unlock value for shareholders.
The news comes as a number of electric and self-drive vehicle companies have gone public in recent months. Despite this wave of interest in the public markets, the AV industry has struggled with over inflated expectations, missed deadlines, shuttered businesses, and technological challenges. Many companies say they are on the verge of launching their businesses after years of research and testing.
Amnon Shashua and Ziv Aviram founded the company in Jerusalem in 1999.
The company was founded in Jerusalem in 1999 by Amnon Shashua and Ziv Aviram. After a fatal accident in which Mobileye's technology was unable to distinguish between a crossing truck and the sky behind it, Mobileye was severed from the company. The EyeQ4 chip is used in the Nissan ProPilot 2.0, the Ford Mustang Mach-E, and the F-150 truck.
Mobileye is currently working on four different products that offer varying levels of automation, including an advanced driver assist system that it currently supplies to 25 companies and a "premium" ADAS that will launch with a Chinese electric vehicle brand. lidar is a sensor that uses lasers to determine the location of objects on the road.
Mobileye has two products that use lidar and are more advanced in their automation technology. Mobileye Drive is a self-driving system that utilizes the companies EyeQ system-on-a-chip, as well as a data crowdsourcing program called the Road Experience Management, or REM, which uses real-time data from Mobileye-equipped vehicles to build out a global 3D The product will be used by customers like Udelv, Transdev, and Lohr.
Mobileye plans to launch a ride-sharing service in Germany in 2022. It said it will test its vehicles in New York City, but is still negotiating with local regulators for permission.
