Driving safety co SaverOne raises NIS 26m in IPO

SaverOne / Photo: company presentation

In the first technology IPO on the Tel Aviv Stock Exchange since the coronavirus crisis began, driving safety solutions company SaverOne raised NIS 26 million at a valuation of NIS 87 million before money.

Demand for the offering, which was led by Rosario Underwriting Services and Discount Capital Underwriting, amounted to NIS 36 million. The offering closed at NIS 16.4 per share.

SaverOne has developed a system that it says represents a unique solution to the problem of distraction when driving from use of mobile telephones. The system takes over the driver's telephone and prevents use of dangerous applications. Among the company's investors are Ituran Location and Control Ltd. (Nasdaq:ITRN); TASE:ITRN), UMI Israel, and Keshet Broadcasting.

Studies have found that the annual cost of road accidents in the US is some $300 billion, and that about 25% of accidents are connected to the use of mobile devices.

SaverOne was founded in 2014. It currently employs 24 people and has ten registered patents. Before the IPO, it had raised $10 million. It has collaboration agreements with Israel Police, Dan Bus Company, and insurance company Harel Insurance Investments and Financial Services Ltd. (TASE: HARL ).

SaverOne's CEO is Ori Gilboa, formerly CEO of the auto division of Meir Group, and its chairman is Jacob Tenenboem, who founded Internet company Genieo Innovation, which was sold to Somoto for $34 million.

Published by Globes, Israel business news - en.globes.co.il - on June 7, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

SaverOne / Photo: company presentation
SaverOne / Photo: company presentation
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