Taiwanese chipmaker Nuvoton Technology has invested about $20 million in Israeli connected vehicles company Auotalks, according to a company filing with the Taiwan Stock Exchange. Nuvoton has acquired a 7.14% stake of Autotalks at a company valuation of $300 million.
Nuvoton's investment is part of a large financing round of tens of millions of dollars, which Autotalks is currently nearly completing. Founded in 2008, Autotalks has in recent years focused on chips connecting vehicles, a fast growing field in the smart car and driverless vehicle sector.
Autotalks' strategic customers include Volkswagen, Hyundai (which has invested in the company), Toyota and Chinese customers. These is currently still no worldwide standards for connected cars but Autotalks has successfully overcome this obstacle by developing a multi-purpose chip, which supports two different standards.
Autotalks has raised $70 million to date in three financing rounds. Among the main investors are Delek Motors, which holds a 10% stake and Volkswagen's Israeli importer Allied Group. Autotalks declined to comment on this report.
Published by Globes, Israel business news - en.globes.co.il - on May 29, 2019
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