Sources inform "Globes" that Autotalks is set to complete a $25 million financing round at a company value of $100 million. The Magma fund, which had already invested in Autotalk, is leading the round. An Asian financial giant has also invested in the company in this round. Autotalk, which already has offices in Japan and South Korea, has raised $40 million in three rounds to date.
Former CEO Nir Sasson, who does not currently hold a managerial position in the company, and CTO Onn Haran, a former CTO of Passave, sold to PMC Sierra a decade ago, founded Autotalks. The company is managed by CEO Hagai Zyss, former VP R&D at Israeli company EZchip (acquired by Mellanox Technologies Ltd. (Nasdaq:MLNX), another Israeli company).
Autotalks has developed an array of V2X (vehicle to everything) communications chips. This wireless technology facilitates communication between different vehicles (V2V), between vehicles and infrastructure (V2I), between cars and motorcycles (V2M), and between vehicles and pedestrians. Among other things, V2X technology is designed to help prevent traffic accidents, and is therefore part of the development of an autonomous car. Using the technology makes a vehicle aware of the intentions of other vehicles and communicates between the vehicle and traffic lights (infrastructure).
Located in Kfar Netter, Autotalks has 60 employees worldwide. It operates as a chip manufacturer, but unlike Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), does not have its own production plant. Last September, Japanese company Denso, a major auto systems manufacturer, selected Autotalks' V2X technology, and mass deployment is slated to begin in 2019, starting in North America.
No response from Autotalks was forthcoming.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2016
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