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Mobileye raises $400 million and Values Firm at $1.5 Billion

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/ By Ilan Shavit /

Mobileye would join other Israeli companies such as the website developer WIX.com (Wixpress Ltd.) and Kamada Ltd. (KMDA), which makes medical treatments, waiting to list in the U.S.

Mobileye NV, an Israeli developer of chip and camera-based technology used to help drivers see and manage traffic risks, is raising $400 million in a deal that values the company at $1.5 billion, before the money.
The company has attracted some big U.S. investors. According to ‚New York Times‚ the five investors are BlackRock Inc. (BLK) , Fidelity Management and Wellington Management, three of the largest asset management firms in the US; Chinese investment company Sailing Capital; and Enterprise Rent A Car, one of the largest car hire firms in the US.
Goldman, Sachs & Co. and Morgan Stanley served as the placement agents for the financing. the maney will help the company to strengthen and broaden its product range and its international presence.
Mobileye was co-founded in 1999 by a professor Amnnon Shaashoa, for computer science at the Hebrew University of Jerusalem. The company employs about 200 people. Its research and development center is in Har Hotzvim in Jerusalem and it has offices in the Netherlands, U.S., Japan and Cyprus.

The company plans to focus now on technology that will compete with Google Inc.‚ self-driving car.

According to the Israeli financial daily Calcalist, investors that bought into Mobileye at $15 a share sold at $35 in the transaction. While it wasn’t immediately clear which of the company’s 280 shareholders sold out.
Existing investors include Goldman Sachs Group Inc., Migdal Insurance & Financial Holding Ltd. (MGDL) and Africa-Israel Investments Ltd.’s Chairman Lev Leviev.
Mobileye become a leading company with General Motors Co. (GM) and Bayerische Motoren Werke AG are among the company’s customers, and it was awarded some prestige praises as : International Fleet Safety Award 2011 , Red Herring Top 100 Innovators , and Frost & Sullivan 2006 Entrepreneurial Company of the Year.

Mobileye would join other Israeli companies such as website developer Wixpress Ltd., commercially known as Wix.com, and Kamada Ltd. (KMDA), which makes medical treatments, looking to list in the U.S.

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