Intel has announced plans to take its autonomous driving technology business Mobileye public in the US next year through an initial public offering (IPO) of newly issued Mobileye stock. The move will create a separate publicly traded company with Intel remaining the majority owner of Mobileye.
Israel-based Mobileye was acquired by Intel in 2017 and the two companies have confirmed they will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector.
The Mobileye executive team will remain, with Amnon Shashua continuing as the company’s CEO.
The Intel-owned journey planning app Moovit, along with Intel teams working on lidar and radar development, will be aligned as part of Mobileye.
In the four years since Mobileye was acquired by Intel, Mobileye has experienced substantial revenue growth and achieved numerous technical innovations to prepare for the deployment of autonomous driving at scale.
Intel CEO, Pat Gelsinger, says, “Intel’s acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership. Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.”
Shashua, founder and CEO of Mobileye, adds, “Mobileye has realized accelerated growth and opportunity since joining the Intel family, nearly tripling annual chip shipments, revenue and the number of employees since the acquisition. Our alignment with Intel continues to provide Mobileye with valuable technical resources and support that has yielded strong revenue along with free cash flow that allows us to fund our AV development work from current revenue. Intel and Mobileye’s ongoing technology co-development will continue to deliver great platform solutions for our customers.”