Self-Driving Car Company Mobileye Raises $400 Million
Mobileye is a Dutch company that is known for developing advanced driver assistance systems (ADAS). The company has raised $400 million in funding with a valuation of $1.5 billion (on a pre-money basis). Goldman, Sachs & Co. and Morgan Stanley worked as the placement agents for the financing. This transaction is expected to close in August.
Founded in 1999, Mobileye markets their technology as a way to reduce the number of traffic accidents. The company is planning to expand into developing driverless cars soon.
In an interview with The New York Times, Mobileye co-founder Ziv Aviram said that he plans on installing technology into cars that automates a lot of the driving experience. Aviram also said that the company is working on building a car that operates mostly on autopilot. These cars are expected to release by 2016.
“This successful transaction is a testament to the strength of our business and the company’s future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company,” stated Mobileye co-founder and chief executive officer Ziv Aviram.
Mobileye is not the only company working on driverless cars. Along with Google, Toyota and Audi are working on driverless vehicles. Tesla also expressed interest in developing vehicles that uses driverless technology.