Israel’s Mobileye raises $37m

Israel’s Advanced Driver Assistance Systems (ADAS) developer Mobileye has raised $37 million from Israeli and foreign investors, according to Israel’s leading financial daily Globes. Investors include Goldman Sachs, Leumi Partners and Menorah Mivtachim. According to Globes, the financing round has …

Israel’s Advanced Driver Assistance Systems (ADAS) developer Mobileye has raised $37 million from Israeli and foreign investors, according to Israel’s leading financial daily Globes. Investors include Goldman Sachs, Leumi Partners and Menorah Mivtachim. According to Globes, the financing round has increased the amount of capital raised by the company to $140 million.

Mobileye sells the ADAS systems to end-customers through vendors and distributors and has recently announced contracts with three carmakers that will install Mobileye’s systems as an integral part of their cars – BMW AG, Volvo AB and General Motors Company.

Mobileye president and CEO Zvi Aviram said: “The financing round is the result of our wish to meet the strong demand in the market, because there are a lot of new customers. More than 70 percent of the vehicle industry has adopted our solutions. Paradoxically, over the past year we’ve doubled the number of customers, becoming the de facto industry standard. There are few competitors with the basic technology.”

Founded in 1999, Mobileye currently has 200 employees worldwide, with its R&D center in Jerusalem.