Mobileye, Intel’s self-driving technology company, is going public, according to a late-September IPO filing with the Securities and Exchange Commission. The company, which is based in Israel, produces the brain of the autonomous vehicle—the software and chips that tell it where to go and what to do.
The filing shows steady revenue growth over the past few years, increasing from $879 million in 2019 to $967 million in 2020, and reaching $1.4 billion in 2021. The filing doesn’t say how much a share could cost.
Mobileye’s EyeQ system-on-a-chip (SoC) is the core of the 23-year-old company’s driver-assist and self-driving technology. Earlier in 2022, it announced its more advanced EyeQ Ultra chip. The company also uses a data crowdsourcing program that creates a 3D roadmap using real-time data from vehicles employing its technology.
Car companies including BMW, Nissan, and Volkswagen use the technology, and Mobileye is launching its own vehicles for ride-hailing and delivery services, reports The Verge. Also, it plans to start a robotaxi service in Germany and is testing autonomous vehicles in New York City.
In 2021, Intel announced plans to take Mobileye public. It will use the funds to build more chip plants, Chief Executive Officer Pat Gelsinger told The Verge. It is currently building a $20 billion manufacturing hub in Ohio, and in 2021, it invested $20 billion in plants to be built in Arizona.