Israeli AI computer vision in-cabin automotive solutions provider Cipia (formerly EyeSight Technologies) today announced that it has raised $22 million in its initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE). Cipia will trade under the CPIA ticker.
Designed for integration into new vehicles, the company’s flagship product, Driver Sense, is a driver monitoring system that utilizes AI and computer vision algorithms to monitor important visual cues of the driver in real-time for signs of driver drowsiness, distraction, and other dangerous actions (such as holding a cellphone while driving). Once detected, the DMS enables life-saving alerts and actions.
Cipia holds over 70 patents in computer vision AI and had revenue of $2.6 million in the first half of 2021, triple the amount over the same period last year. With the advent of DMS regulations around the globe, requests for solutions to meet the requirements are growing at an accelerated pace and the integration of DMS technology is becoming a necessity.
Cipia has partnered with Mobileye to integrate the Driver Sense software on Mobileye’s chip. The company estimates that the integrated ADAS and Driver Sense DMS solution provides the market with a more cost-effective offering compared with alternatives in the market, and can assist the company in reaching substantial market share.
Cipia also offers Cipia-FS10, a video telematics and driver monitoring device for fleets. Cipia-FS10 provides real-time life-saving alerts to the driver, as well as tailored alerts and insights to fleet management. The solution enables the fleet to be managed more intelligently and efficiently. Cipia-FS10 was launched at the beginning of 2021 and is now being integrated by customers globally.
Cipia CEO David Tolub said, "The success of the IPO will significantly strengthen our business and competitive status, enabling Cipia to scale up and meet the growing demand for in-cabin sensing solutions. The funding will also enable us to examine strategic acquisitions and promote further collaborations. I would like to thank the company's employees, its customers and, of course, the investors who have joined us in this latest chapter of our journey as well as those who have been with us throughout. I am confident that Cipia has the range of solutions and the technological advantages to maintain a leading position in the global in-cabin sensing market, and we are committed to continuing to grow the company and bring value to investors."
Cipia chairman Prof. Eli Talmor added, "Cipia’s technology for in-cabin monitoring is one of the most advanced in the world. The solution not only meets existing regulatory needs, but is also a cornerstone for passenger experiences and monetization of cabin information, for future autonomous vehicles and mobility services."
Published by Globes, Israel business news - en.globes.co.il - on November 23, 2021.
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