Published: Tue, March 14, 2017
Technology | By Ramiro Moody

Intel banking on Mobileye deal for a drive in the right direction

Intel banking on Mobileye deal for a drive in the right direction

Intel said: "The acquisition will couple the best-in-class technologies from both companies, including Intel's high-performance computing and connectivity expertise and Mobileye's leading computer vision expertise to create automated driving solutions from the cloud through the network to the vehicle". They issued a "buy" rating and a $55.00 price objective for the company. Last fall, the electric auto company said that it plans to charge buyers of its newest cars $8,000 to activate an expanded, fully autonomous driving technology.

The U.S. company estimates that the vehicle systems, data and services market will be worth up to 70 billion dollars by 2030.

Intel, which is the largest private employer in Israel, hopes to bank on its experience to maintain Mobileye's startup culture, bringing Mobileye's "quick moving, fast acting culture" into Intel's autonomous driving division, Intel Chief Executive Brian Krzanich said on a conference call with analysts.

That particular relationship has recently come to a close, though, since MobilEye said that Tesla was using its technology in ways it was never intended. Intel has been working with them for a while now on developing gen-next computer vision based technologies for autonomous driving.

Mobileye N.V., whose vehicle-mounted technology is created to anticipate collisions, has agreed to be acquired by microprocessor manufacturer Intel Corp.

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The chipmaker has acquired the technology to become a leading player in the autonomous vehicle market. Intel says that MobilEye will be merging with its existing autonomous vehicle team once the deal is finalized with shareholders and regulators. The two companies also will combine highly detailed mapping efforts. Harman has diversified into software development and components for connected cars, such as Wi-Fi connectivity and navigation systems.

Its software and chips "perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles", states Mobileye.

Mobileye had revenue of $358.16 million in 2016, according to its financial report. It will be interesting to see if this will change into the future as Intel pushes to rapidly expand Mobileye's presence in this market.

Autonomous cars will need higher levels of connectivity to the Internet and access to bigger data centers, which Intel can provide, Krzanich said.

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