Mobileye raises $400m

The investors in the driver assistance systems company are two US asset management firms, a Chinese investment firm, and US company Enterprise Rent A Car.

Mobileye has raised $400 million at a company valuation of $1.5 billion before the money, the company announced yesterday. According to a report in "The New York Times", the five investors are BlackRock, 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.

This is the largest ever fund raising round by the company, which develops camera-based advanced driver assistance systems for the automotive industry. The cash will help the company to strengthen and broaden its product range and its international presence.

Mobileye CEO and co-founder Ziv Aviram said, “This successful transaction is a testament to the strength of our business and the company’s future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company.” Aviram added that the company planned to make an IPO within eighteen months (probably in New York), and that some of the money raised would enable existing investors in the company to realize their investments.

Last month, Mobileye, which has its headquarters in Holland and its development center in Har Hotzvim, Jerusalem, unveiled its most advanced project yet: a car that drives itself by means of cameras and software. The company was founded in 1999.

Published by Globes [online], Israel business news - - on July 8, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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