Israeli automotive startups dream of becoming next Mobileye
Vying for the same success of Mobileye, which was bought by Intel five years ago for $15 billion, Israeli startups are doubling their efforts to appeal to foreign investors.
Israel’s Innoviz Technologies announced Aug. 7 that the Volkswagen group will purchase autonomous driving software and hardware from the company, in a $4 billion deal. Innoviz chief executive and co-founder Omer Keilaf issued a statement saying, “We are thrilled to work with the (Volkswagen technology group) CARIAD team and be a supplier of LiDAR sensors and perception software to support safe mobility for vehicles launching from the middle of the decade.”
On June 27, Israeli Artificial intelligence (AI) chipmaker Hailo announced its collaboration with semiconductor supplier Renesas to deliver a processing solution, which they say will allow advanced driver-assistance (ADAS) functions and automated driving (AD) systems.
These two deals are another reminder of the status Israel plays in the global industry of automotive and new mobility.
The most successful story of the Israeli autotech industry is Mobileye, which develops autonomous driving technologies and ADAS. Its acquisition by Intel in 2017 for about US$15 billion is still the largest exit in the history of the Israeli high-tech industry.
