Most revenue comes from selling its EyeQ SoCs to OEM customers through Tier 1 suppliers
A few years ago, we seemed to be on the brink of an autonomous vehicle (AV) revolution. Companies like Tesla, Uber, and Google are regularly testing the technology, even on residential streets, and we’re promised that we’ll soon be entering a future of cars without humans driving them.
Of course, that didn’t happen. In fact, despite the billions of dollars spent to develop the technology, some believe we are at least 10 years away from realizing this vision.
Meanwhile, many companies are still betting on it, including Mobileye, which is developing self-driving technology and advanced driver-assistance systems (ADAS), including cameras, computer chips and software. Founded in 1999, the company was acquired by Intel in 2017 and went public again in October 2022.
The company has partnered with manufacturers such as BMW, Nissan and Volkswagen to develop features such as The EyeQ system-on-chip (SoC), which uses camera sensors to provide features including automatic emergency braking, adaptive cruise control, lane keep assist, traffic jam assist and more and forward collision warning.
The company also has Road Experience Management (REM), a high-resolution mapping system that generates AV maps from crowdsourced data; a redundant sensor fusion architecture called True Redundancy, which uses data from 360-degree cameras, lidar and radar data streams for autonomous driving; the Responsibility Sensitive Safety (RSS) framework, which is currently used by international bodies that are developing safety standards for autonomous vehicles.
As of July 2, 2022, the company’s solutions have been installed in approximately 800 vehicle models and our SoCs have been deployed in more than 117 million vehicles. The company is actively working with more than 50 original equipment manufacturers (OEMs).
“Our solutions portfolio is built on a comprehensive set of purpose-built software and hardware technologies designed to provide the capabilities needed to make the future of ADAS and autonomous driving a reality. These technologies can be used at the edge and in the cloud to improve road users safety and revolutionize the driving experience and the flow of people and goods around the world,” the company wrote in an S-1 filing with the U.S. Securities and Exchange Commission.
“We believe our industry-leading technology platform, built on more than 20 years of research, development, data collection and validation, and dedicated software and hardware design, gives us the differentiated ability to not only deliver outstanding safety ratings but also maintain Our ADAS solutions are leading the way, while also enabling large-scale deployment of autonomous driving solutions.”
Nearly all of the company’s current revenue comes from its commercially deployed ADAS solutions. This means by selling their solutions to Original Equipment Manufacturers (OEMs) by selling their solutions to Tier 1 automotive suppliers who implement their products in their vehicles, in this case the direct customer is the Tier 1 automotive that is responsible for paying us for the product supplier.
“We also have strong direct relationships with OEMs due to the complexity of our products and the need to customize, validate and integrate them into their overall ADAS systems,” the company explained.
The company generates most of its revenue from sales of its EyeQ SoCs, which account for approximately 94%, 93%, and 91% of its annual revenue in 2021, 2020, and 2019, respectively.
In 2021, the company’s revenue was $1.4 billion, up 43% from $967 million in 2020.
Mobileye went public on October 26 and closed up more than 37% on its first day, raising $861 million at a valuation of $17 billion.