Tuesday, 21 November, 2017

Intel Acquires Self-Driving Tech Firm Mobileye For $15 Billion

Image Credit Mobileye Image Credit Mobileye
Juana Turner | 14 March, 2017, 00:16

Mobileye makes computer vision, machine learning, data analysts, and mapping technology for advanced driver assisted systems and autonomous driving.

Intel, one of the world's biggest technology conglomerates, has confirmed reports that it is purchasing Mobileye, a leader in autonomous driving technology, for $15.3 billion. The chip maker just announced it intends to purchase Jerusalem-based Mobileye for $15.3 billion.

Intel on Monday announced plans to increase its role in the self-driving auto market, acquiring Israel-based Mobileye for $15.4 billion. Amnon Shashua, Mobileye's co-founder, chairman, and CTO.

Mobileye, in case you are not familiar with it, is best known for supplying the technology (like sensors and cameras) used in Tesla's first-generation Autopilot.

Intel is reportedly acquiring Mobileye, a company that specializes in chips for vision-based autonomous vehicles. The company estimates the vehicle systems, data, and services market to reach $70 billion by 2030.

"The ADG team includes systems engineers, simulators, mapping ingestion infrastructure and cloud computing with data centers, vehicle build engineers, and access to a pool of software engineers that will become part of our team". Intel, which missed the transition to mobile, gains what could become a significant supplier to the emerging self-driving vehicle business.

"It's an area where (Intel) has had very little presence - the automotive market, and so this is a tremendous opportunity for them to get into a market that has significant growth opportunities", said Betsy Van Hees, an analyst at Loop Capital Markets.

The sale is expected to close in nine months, according to the companies. Mobileye shares trading in NY were poised to surge more than 30% on the news.

The two companies are collaborating with BMW on a project to deploy about 40 modified BMW 7 Series sedans for testing on public roads in the US and Europe by the second half of 2017.

Qualcomm last October announced a US$47bn deal to acquire NXP, the largest automotive chip supplier, putting pressure on other suppliers wanting to sell autonomous driving components, including Intel, Mobileye and NVIDIA, Reuters added. "Within the [group] are resident skill sets that are largely complementary to ours.Combining forces will help accelerate our plans and lower our execution risks".

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