Wednesday, May 22, 2024
ad
HomeNewsIntel’s self-driving company Mobileye files for an IPO

Intel’s self-driving company Mobileye files for an IPO

Intel’s self-driving company plans to go public with a recent deal valued at US$30 billion.

Mobileye, a self-driving technology company founded in 1999 and owned by Intel, files for an IPO with the Securities and Exchange Commission (SEC). Intel has been planning to publicize Mobileye since December 2021. Finally, Mobileye will go public in a deal that has reportedly valued it at around $30 billion, according to Bloomberg. 

Mobileye produces chips and software used in autonomous vehicles and is best known for the EyeQ system-on-a-chip, which behaves as the brains of the company’s self-driving technology. Over the years, the company has partnered with Audi, BMW, GM, Ford, and Volkswagen in projects developing advanced driving and safety features and software. Mobileye’s CEO Amnon Shashua mentioned in the filing that 50 companies are using Mobileye’s technology across 800 vehicle models. 

The company is working on its agile autonomous vehicles for delivery and ride-hailing services. Mobileye has previously announced the launch of a driverless taxi service by 2024 and is presently testing autonomous vehicles in New York. 

Read More: Musk says 160,000 Tesla customers are now running the FSD beta

Intel intends to retain a majority stake in Mobileye after it goes public. The company has not specified the cost of shares and the portions of the proceeds Mobileye will get, though at first, the portions will be used to pay debts. Intel’s CEO Pat Gelsinger said taking Mobileye public would allow it to grow more efficiently and build more chip factories with some of the funds raised from the IPO. 

The company also gave a brief note of its history, talking about how the revenue grew from $879 million in 2019 to $1.4 million in 2021, with a growth rate of 43% through the years, and also mentioned the losses that shrunk from $328 million in 2019 to $75 million in 2021. 

Subscribe to our newsletter

Subscribe and never miss out on such trending AI-related articles.

We will never sell your data

Join our WhatsApp Channel and Discord Server to be a part of an engaging community.

Gareema Lakra
Gareema Lakra
I'm an aspiring writer in the field of data science with enthusiasm for tech and content development. I have a master's degree in computer science. Besides work, I'm a bibliophile and dive into the fantasy genre whenever I can.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular