Intel’s self-driving firm Mobileye files for an IPO

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Intel-owned self-driving firm Mobileye has filed for an IPO (Initial Public Offering).

Mobileye was acquired by Intel for $15.3 billion in 2017 and specialises in developing chips and software for autonomous driving and driver-assistance systems.

Intel reportedly expected Mobileye to be valued at $50 billion but is now anticipating somewhere around $30 billion due to global economic uncertainties.

Mobileye’s filing with the SEC highlights steady revenue growth over the past few years. In 2019, Mobileye achieved revenue of $879 million. In 2020, that grew to $967 million before jumping to $1.4 billion in 2021.

The company’s revenue growth comes off the back of numerous major announcements in recent years.

Last year, Mobileye announced plans to launch a fully-driverless delivery service in partnership with Udelv. The partners are aiming to produce 35,000 cabin-less vehicles called ‘The Transporter’ between 2023-28.

Six months after the delivery service announcement, Mobileye announced plans to launch a robotaxi service in Germany in partnership with Sixt and Moovit. 25 robotaxis were set to launch this year in Munich but we’re barrelling towards the end of 2022 and there’s no sign of deployment yet.

This is what the robotaxi service will look like when it does launch:

Another announcement in the past year includes the test of two autonomous cars in New York, one of the most congested and difficult cities in the world for a self-driving vehicle to navigate:

Mobileye is a clear leader in self-driving vehicles and its IPO, even among difficult economic conditions, should reflect that. However, the company does have growing competition from the likes of Wayve, Cruise, and StradVision to contend with.

(Image Credit: Mobileye)

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