Mobileye raised $400 million from institutional investors
8 July, 2013
Mobileye provides camera-based advanced driver assistance systems (ADAS). The global driver assistance system market is projected to reach $13.4 billion by the end of 2013 and is estimated to grow to $33.6 billion by 2018
Mobileye, the camera-based advanced driver assistance systems (ADAS) provider from Jerusalem has signed an investment agreement with some of the largest US based global institutional asset managers and a leading Chinese government-affiliated financial investor. According to the deal, Mobileye sold equity for $400 million at a company equity valuation of $1.5 billion (pre-money basis). It means that now it evaluation worth $1.9 billion.
Mr. Ziv Aviram, chief executive officer and a co-founder of Mobileye, said, “This successful transaction is a testament to the strength of our business and the company’s future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company.”
The company has developed a unique vision-based platform, driven by its proprietary chipset and algorithms, works as a third eye to mitigate and avoid the risk of collision. Mobileye’s solutions range from timely alert against imminent collisions and road departure through active braking for accident prevention and mitigation and to an autonomous vehicle. The company said that its technology is or will be available through 19 automakers worldwide and is also offered as an aftermarket product.
The global driver assistance system market is expected to reach 108.6 million units by 2018; Europe is estimated to lead the market followed by North America and Asia-Pacific. According to a new study of Research and Markets, the global driver assistance system market is projected to reach $13.4 billion by the end of 2013 and is estimated to grow to $33.6 billion by 2018, growing at CAGR of 20.10% for the same period. The growing demand for premium cars along with stringent safety regulations will drive the market for driver assistance systems. The global driver assistance system market in 2013 is projected to be dominated by TPMS, park assist, and LDWS in terms of volume, whereas, in terms of revenue it is anticipated ACC, TPMS, and drowsiness monitor will lead the chart.