Israeli auto-tech company Cipia Vision has filed a draft prospectus for an IPO on the Tel Aviv Stock Exchange (TASE). "Globes" was the first to report back in March that Cipia was planning a public offering in Tel Aviv.
Cipia Vision (formerly Eyesight Technologies), develops and markets two products based on computer vision AI driver monitoring systems. The systems monitor driver behavior through cameras and sensors focusing on the face of the driver and the cabin. One product targets individual drivers and the second product targets vehicle fleet managers.
Market sources believe that Cipia will try to raise several tens of millions of dollars at a company valuation of $150 million, before money.
The company was founded in 2007 by chief IP and innovation officer Itay Katz. Cipia is currently "in the market entry stage for its products" and has embarked on "serial production for its first customers." The company has 50 employees and its CEO is David Tolub.
Like many of the tech companies holding IPOs on the TASE in the current wave, Cipia has a 'going company' qualification attached to its financial results, and the financial resources it has, "do not allow it to continue its routine activities for a period of at least 12 months."
Cipia does not have a controlling shareholder and most of its shares are held by several Chinese investors as well as a Danish investor and Japanese company Mitsui. Its best known Israeli shareholders are Rami Lipman, and Prof. Eli Talmor, who serves as chairman. Both have experience in entrepreneurship and investment funds.
Although revenue has grown recently, it is still not significant and amounts to about $25 million in the past two years including $16 million last year when there was a large increase in financing expenses.
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2021
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