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Israeli company Mobileye, which supplies collision avoidance technology used by automobile companies such as BMW, General Moors and others is reported, by Calcalist, to be planning to list on Nasdaq during 2014 by way of an initial public offering of its common shares.
Reportedly Mobileye may seek to raise as much as US$500 million at a valuation it would like to achieve of over US$2.5 billion. If this turns out to be achievable it would likely be the largest IPO by an Israeli company in 2014. Some of this would be new money and some a partial liquidity event for existing shareholders, potentially including management as well.
Mobileye is already a significant private company, founded as long ago as 1999 by an Israeli businessman and a Professor of computer science at the Hebrew University of Jerusalem. During 2013 the company reportedly raised US$400 million of new money from private investors at an equity valuation of as much as US$1.5 billion.
Mobileye, which is registered in the Netherlands, was founded originally, by its Chairman Amnon Shashua and its Chief Executive Ziv Aviram. Today they currently hold 10 percent of the company each. Other significant institutional shareholders holders include Fidelity Investments, Wellington Management Co, BlackRock, China’s Sailing Capital Management and US car rental company Enterprise Holdings, which includes also the National and Alamo car rental brands.
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.