Mobileye, Intel’s self-driving technology subsidiary, filed for an IPO Friday nearly a year after the chip giant announced such plans.
The Jerusalem, Israel-based company said that it generated 2021 revenue of $1.4 billion with a net loss of $75 million for that same period, according to a Friday filing with the U.S. Securities and Exchange Commission. In 2020, Mobileye revenue was $967 million with a net loss of $196 million.
In March, Reuters reported the company could be valued as high as $50 billion.
Mobileye said that as of this past July its solutions had been installed in approximately 800 vehicle models and its system-on-chip technology had been deployed in over 117 million vehicles.
Founded in Israel in 1999, Mobileye went public in 2014 and was traded under the symbol “MBLY” on the New York Stock Exchange until it was acquired by Intel for $15.3 billion in 2017. The company is helmed by Amnon Shahua, president and CEO of Mobileye and senior vice president at Intel.ADVERTISEMENT
Mobileye said that prior to the IPO, “Intel beneficially owned 100 percent of our outstanding shares of common stock, and we operated as Intel’s wholly owned subsidiary.” But after Mobileye’s public debut, Intel will beneficially own all of the outstanding shares of Mobileye’s Class B stock. “As a result, Intel will be able to control all matters submitted to our stockholders for approval, including the election of our directors and the approval of significant corporate transaction,” the filing stated.
Mobileye said that it will continue to work with Intel as a strategic partner after the IPO, “collaborating on projects to pursue the growth of computing and advanced technology in the automotive sector.”
Mobileye has plenty of competition in the self-driving technology space, including Tier 1 automotive supplier competitors Bosch, Continental and Denso; silicon providers Ambarella, Advanced Micro Devices, Arriver/Qualcomm, Black Sesame Technologies, Horizon Robotics, Huawei, Nvidia , NXP, Renesas Electronics and Texas Instruments, according to the filing.
Mercedes-Benz is employing its own in-house self-driving solutions. Others such as General Motors, NIO, Volvo Cars and Xpeng Motors are also pursuing in-house solutions for portions of the advanced driver assistance systems software stack.
Mobileye said Tesla had once used its technology in its vehicles but transitioned to its own in-house solutions.
In its regulatory filing, Mobileye said that it had approximately 3,100 employees operating across eight countries, with approximately 80 percent of its workers in research and development and approximately 2,900 of its employees operating in Israel.LEARN MORE: CPUs-GPUs
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