Intel announced on Monday that Mobileye, an Israeli subsidiary that develops driver assistance technology for major automakers, will go public next year.
Intel will keep a majority stake in Mobileye, the giant chipmaker said, and the two companies will continue to collaborate on technologies for the automotive market. Mobileye’s leadership team will remain after the IPO, with Amnon Shashua, one of the company’s founders, remaining as CEO.
Intel acquired Mobileye in 2017 in a $ 15.3 billion deal as part of a comprehensive effort to expand into new markets. Mobileye was founded in Jerusalem in 1999 and has grown to become a major provider of technology – including cameras, computer chips and software – that could help equip cars with automatic braking and lane-keeping functions.
The company’s camera system was the key component of Autopilot, the driver assistance system that the electric car manufacturer Tesla, launched in 2015. The partnership ended bitterly the next year when Tesla began developing many of the same technologies in-house. But Mobileye continued to work with other automakers, including Audi.
Like Tesla, Mobileye has been promoting its technologies as the path to autonomous vehicles. That year the company announced that it was Testing various self-driving car prototypes in large citiesincluding New York. But most experts believe that such vehicles last for years – and maybe decades – away from widespread use.
Mobileye’s business continues to focus on providing camera-based systems for automatic braking, lane departure warning and other technologies that assist the driver. However, the company has announced that it is expanding to other types of automotive sensors, including radar and lidar – “light detection and removal” devices that measure distance using laser pulses and are an integral part of most self-driving car projects.