Mobileye, Intel’s self-driving startup, applies for an IPO
According to a filing with the Securities and Exchange Commission, Intel’s self-driving technology subsidiary Mobileye has filed for an initial public offering (IPO). The Israel-based business, which Intel purchased for $15.3 billion in 2017, specializes in producing the electronics and software that enable self-driving cars.
According to estimates, Intel originally estimated Mobileye’s IPO to be worth $50 billion, but then reduced its estimate to roughly $30 billion. According to Mobileye’s SEC filing, revenue has been steadily increasing over the last several years, rising from $879 million in 2019 to $967 million in 2020 and peaking out at $1.4 billion in 2021. The application has no information on how much a share may cost.
Amnon Shashua and Ziv Aviram founded Mobileye in 1999, and the company is best known for its EyeQ system-on-a-chip (SoC), which acts as the “brain” for Mobileye’s driver-assist and self-driving technologies. Mobileye also used a data crowdsourcing technique known as Road Experience Management (REM) to create a 3D map using real-time data collected from cars equipped with Mobileye’s technologies. Earlier this year, Mobileye debuted its EyeQ Ultra processor, which it describes as its most powerful system yet.
While Mobileye has sold its technology to firms such as BMW, Nissan, Volkswagen, and others, it is also attempting to develop its own fleet of autonomous cars for delivery and ride-hailing services. Mobileye revealed intentions to start a robotaxi service in Germany this year, as well as a driverless delivery service in 2023. The company is now testing self-driving vehicles in New York City and has announced a partnership with Chinese carmaker Geely to begin selling self-driving cars in the nation.
Last year, Intel revealed its intention to take Mobileye public, with Intel CEO Pat Gelsinger stating that an IPO “provides the finest chance to expand on Mobileye’s track record for innovation and generate value for shareholders.” Gelsinger also said that Intel will utilize the proceeds from Mobileye’s IPO to create more chip factories. Intel is now constructing a $20 billion semiconductor manufacturing center in Ohio and spent another $20 billion last year to establish chip-making factories in Arizona.