Israeli-Dutch car safety technology start-up Mobileye NV will install its new driver assistance software in the new BMW 7 Series after signing a deal with the carmaker. Three driver assistance functions are controlled by a single camera powered by a system-on-chip EyeQ1 processing unit. The combined technologies - speed limit information (SLI), high beam assist (HBA) and lane departure warning (LDW). The system was jointly engineered with BMW, automotive supplier Continental Corporation, and Mobileye.
BMW was Mobileye's first customer, with a contract signed in early 2007. Mobileye has since signed agreements with Volvo AB (SAX: VOLV) and General Motors Co. (NYSE: GM). In October 2007, Goldman Sachs (NYSE: GS) invested $100 million in the company at a company value of $600 million.
Mobileye chairman Prof. Amnon Shashua and president and CEO Ziv Aviram co-founded the company in 1999. The company's breakthrough technology can spot lane departures, proximity to other vehicles, and other driving hazards using a single camera supported by a chipset to analyze the image.
Mobileye sees its road speed sign spotting system as a new growth opportunity. Shashua said, "Until you drive in Germany, you don’t understand the need for this. This trend will become the European standard in two or three years."
Mobileye expects to begin mass production of its systems in 2009. BMW was earlier forecast to sell 1.5 million cars per year.
Published by Globes [online], Israel business news - www.globes-online.com - on August 18, 2008
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