Intel announced on Monday that Mobileye, a subsidiary in Israel that builds driver assistance technology for major automakers, will be listed next year.
Intel will retain majority ownership of Mobileye, the giant chipmaker said, and the two companies will continue to collaborate on technologies for the automotive market. Mobileye’s management team will remain in place following the public offering, with Amnon Shashua, one of the company’s founders, continuing as CEO.
Intel acquired Mobileye in 2017 in a $ 15.3 billion deal as part of a sweeping effort to expand into new markets. Founded in Jerusalem in 1999, Mobileye had become a major provider of technology – including cameras, computer chips and software – that could help provide cars with automatic braking and lane departure features.
The company’s camera system was the key component of Autopilot, the driver assistance system introduced by electric car maker Tesla in 2015. The partnership ended in tough the next year, when Tesla began building many of the same technologies on its own. But Mobileye continued to work with other automakers, including Audi.
Like Tesla, Mobileye has promoted its technologies as a pathway to autonomous vehicles. This year, the company announced that it was testing various self-driving car prototypes in major cities, including New York. But most experts believe that such vehicles are years – and perhaps decades – away from widespread use.
Mobileye’s business is still centered on providing camera-based systems for automatic braking, lane keeping and other technologies that help motorists. But the company has said it is expanding to other types of car sensors, including radar and lidar – “light detection and range” devices that measure distances using laser pulses and are a crucial part of most self-driving car projects.