Intel is reportedly buying Israeli computer vision company Mobileye in a deal worth around $ 15 billion, according to local Israeli publication The Marker.
Founded in 1999, Mobileye develops the visual smarts behind cars’ driving assistance systems and includes adaptive cruise control, lane departure warnings, and distance keeping. Its technology is already used by major brands including BMW, Volvo, Buick, and Cadillac.
Back in July, BMW, Intel, and Mobileye first announced plans to put self-driving cars into full production by 2021, and earlier this year the trio committed to putting 40 autonomous test cars on public roads in the second half of 2017.
Intel has made no secret of its interests in the burgeoning self-driving car industry. As a chip-maker, Intel’s interests may not seem entirely intuitive at first, but when you consider that autonomous vehicles require a great deal of computing power to operate, Intel’s push into this area does actually make sense.
Mobileye went public on the New York Stock Exchange (NYSE) back in 2014, and though its shares are down from their $ 61 peak in 2015, they’ve been steadily climbing throughout 2017 and currently sit at around $ 47 — $ 10 up from its debut trading price.
As a public company, Mobileye and Intel will have to make a formal announcement and attain shareholder approval if any deal is to go through.
VentureBeat has reached out to both Intel and Mobileye for confirmation, and will update here with additional details when we hear back.
