Israeli driver monitoring company Cipia (formerly Eyesight Technologies) has been meeting with underwriters ahead of a planned Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company plans raising several tens of millions of dollars at a company valuation of $150-170 million, pre-money, sources inform "Globes."
Cipia has developed computer vision and AI systems for driver monitoring and cabin sensing for safer and smarter cars and fleets.
The company was founded in 2007 and for many years sold electronic consumer goods to the likes of Lenovo, Sony and AMD. In 2018, the company switched focus to auto-tech and began developing systems for vehicle safety. Cipia's system can for example identify drivers who are drowsy or losing concentration, and alert them. The company is selling its products direct to manufacturers, Tier 1 parts suppliers and individual customers buying Cipia's software.
The company has 46 employees, mainly in its Herzliya headquarters and also has representatives in the US, Europe and China. Cipia has 30 patents with status pending.
Published by Globes, Israel business news - en.globes.co.il - on March 7, 2021
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