The Israeli-founded Mobileye firm, which develops camera-based program for the auto industry to assist drivers, has raised $400 million through five investors, including Enterprise Rent A Car, to raise the company’s value to $1.5 billion.
“This successful transaction is a testament to the strength of our business and the company’s future prospects. We are excited to have such world-class investors joining forces with us as we move into the next growth phase of our company,” said Mobileye CEO and co-founder Ziv Aviram.
The company plans an IPO, probably in New York, by the end of 2014 to help it introduce more products and reach out to more international markets.
The New York Times reported that the new investors are three of the largest asset management firms in the United States – BlackRock, Fidelity Management and Wellington Management, the Chinese investment company Sailing Capital, and Enterprise.