Intel Chief Executive Officer Pat Gelsinger is trying to capitalize on Jerusalem-based Mobileye, acquired in 2017 for $15 billion, with a partial spinoff of its shares. Mobileye makes chips for cameras and drive-assistance features, and is seen as a prized asset as the car industry races toward fully automated vehicles. Now with about 3,100 employees, Mobileye has collected data from 8.6 billion miles on the road from eight testing sites globally, according to its filing. The company says its technology leads in the race to shift the automotive industry away from human drivers. It’s shipped 117 million units of its EyeQ product.
Mobileye has been a particularly bright spot for Intel and has consistently grown faster than its parent. As of July, it had $774 million of cash and cash equivalents. In the 12 months ended Dec. 25, it had a net loss of $75 million on revenue of $1.39 billion. The company said it plans to use proceeds from the IPO to pay down debt and for working capital and general corporate purposes.
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