MobilEye Vision Technologies today announced that it had completed a $15 million financing round at a company value of $195 million, after money. IVC estimates that MobilEye has raised $30 million at a$100 million company value in previous rounds since it was founded in 1999.
According to IVC, MobilEye investors include, Motorola Ventures, Colmobil (Israel's importer of Mercedes-Benz), the Meir Group, GM-UMI Technologies (GM-UMIT), Delek Motors, FIBI Holdings (TASE:FIBI), the GTL investment house, Solid Investment Bank of New York, Lev Leviev, and Bank Leumi Investment Co. Half the investors in the current round were new investors.
In March 2003, MobilEye announced that it had signed a strategic agreement with Denso Corporation (TSE:6902) of Japan to jointly develop a camera with a chip capable of analyzing, monitoring, and processing information during travel. The camera has a 270-degree arc. The system alerts the driver of any deviation onto the road's shoulders and a too-fast approach of other vehicles. The product's main advantage is its low cost. MobilEye founder and chairman Prof. Amnon Shahua has a patent for the system.
MobilEye also collaborates with Motorola (NYSE:MOT) and Royal Philips Electronics (NYSE:PHG; AEX:PHI).
MobilEye president and CEO Ziv Aviram denied reports about a pending take-over at an estimated company value of $400 million. He said the rumors were premature. "We'll definitely consider this direction next year, but at the moment, it's impossible to talk about anything concrete, except for preliminary contacts."
Published by Globes [online] - www.globes.co.il - on December 29, 2003