Israel Mobility - Mar. Newsletter
Tesla entrance to Israel was one of the most discussed events in recent weeks, despite the fact it does not bring any new technology besides the old familiar model 3. Having said that, the new local player did an impact we saw in the past – stimulating the public acceptance to full battery EV vehicles. Importers are now looking for new EV models at Germany and China and we are expected to see more of those as well as supporting infrastructure soon.
The AutoTech continue to drive the stock market with Cipia and Jungo IPO, Arbe SPAC and recent Innoviz SPAC that will be included in our next edition. This fast development got the attention of Microsoft that decided to establish its global autonomous vehicles development center in Israel. We are expecting many more exciting developments soon!
Mar. 2nd: Developer of verifying driver assistance and autonomous systems Foretellix (Foretellix Ltd.) partners with Volvo Autonomous Solutions. The two will jointly create a Coverage Driven Verification solution for autonomous driving solutions operating on both public roads and in confined areas as mines. The solution will help scale the testing of millions of scenarios which will validate autonomous vehicles and machines dealing with situations they might encounter within their specified Operational Design Domain (ODD). Volvo Autonomous Solutions is a separate business unit of the Volvo Group, which aims to accelerate the development, commercialization and sales of autonomous solutions.
Mar. 4th: AI microprocessor start-up Hailo (היילו) collaborates with three companies to deliver a next-generation AI processing solution for video analytics. The collaboration includes Amazon Web Services, one of most adopted cloud platform globally; Leopard Imaging, a provider of embedded camera design and manufacturing; and Socionext, a provider of system-on-chip (SoC) solutions for image and video systems. Hailo’s EdgeTuring solution will combine the expertise from each entity to help produce high quality performance with improved energy efficiency for AI inference nodes. This will benefit a variety of applications in smart retail, smart devices, industrial automation and autonomous vehicles.
Feb. 7th: In-cabin automotive solutions provider Cipia Vision (Cipia) plans TASE IPO. The management plans to raise several tens of millions of dollars at a company valuation of $150-170 million, pre-money. Cipia, formerly Eyesight Technologies, has developed computer vision and AI systems for driver monitoring and cabin sensing.
In addition, Cipia was selected by a leading China-US OEM Joint Venture to provide driver monitoring system (DMS) for 5 upcoming car models. Cipia and Chinese Tier 1 supplier Junjie, will be working to integrate the startup’s DMS into new car models and enable OEMs to deliver customers a robust solution of life-saving alerts to avert potential accidents.
Mar. 9th: Mobility solutions provider Via Transportation, Inc. (ויה) acquires mapping company, Remix for $100M to create end-to-end TransitTech solution for cities and transit agencies. Remix will become a subsidiary of Via, an arrangement that will let the startup maintain its independent brand alond side its 65 employees and two co-founders that will all stay in the company. The acquisition adds another service to Via’s and more importantly – a customer base of more than 350 local governments in 22 countries. Founded 7 years ago, San Francisco-based Remix develops a collaborative mapping platform used by cities for planning public transit, managing shared mobility and designing street networks. The start-up previously secured $27M in investments from Sequoia, Y Combinator, and Energy Impact Partners.
Mar. 10th: Microsoft Israel aims to establish an autonomous vehicles development center. The Israeli group will lead the development project of global Microsoft Corp. together with Volkswagen, in order to stimulate the usage of its emerging cloud-based autonomous driving (ADP) platform. The company started recruiting dozens of new employees in various positions such as BackEnd developers, FrontEnd/ FullStack developers, product managers and development team leaders. Just less than a month ago, Microsoft and the Volkswagen Group announced collaboration through VW Car.Software and Microsoft’s Azure cloud platform.
Mar. 10th: AI public transport optimization software developer Optibus (אופטיבוס) raises $107M in Series C financing round. The round was co-led by Bessemer Venture Partners and Insight Partners with participation from Optibus’ existing investors including Verizon Ventures, Pitango, New Era Capital Partners, Dynamic Loop and Blue Red Partners. The funding comes as Optibus launches its geospatial suite, which aims to improve transportation networks and transit time using data-driven planning. Optibus will use the new capital to expand global marketing and enhance product capabilities such as optimization and AI algorithms that improve mass transit for passengers while increasing operational efficiency. The management plans to accelerate deployment of zero-emission vehicles – replacing mass transit fleets based on fossil fuels. Including their latest round, Optibus has raised $160M to this date.
In addition, Optibus announced a partnership with UK’s biggest bus and coach operator, Stagecoach. The partnership will help Stagecoach to utilize their fleet by adding Optibus’ AI-powered management platform to their vehicles and create a smarter transport system that consider COVID19 affects. Optibus’ software is used in 450 cities globally.
Mar. 11th: Israeli Ride-hailing platform Gett, plans an NYSE SPAC merger. According to a British website Sky News report, Gett is already working with an investment bank on the deal, considering registering in Europe. This January, Get completed a $115M funding round at a company valuation of $1.5B, with total of more than $900M raised since its establishment. Two month later, it is currently valued at a $1.9B.
Mar. 16th: Organic fast-charging batteries developer, StoreDot (סטורדוט בע”מ) in negotiations to merge with a Wall Street SPAC at a $3.5B valuation. JP Morgan IB division is leading the deal for StoreDot. This comes after StoreDot showcased its first-generation 5-minute-charge battery, just 2 month ago. StoreDot’s batteries can currently be used to power various devices including drones, electric motorcycles, scooters and power tools.
Mar. 16th: Provider of automated AI solutions for vehicle inspections Ravin AI (RAVIN AI LTD) completed a $15M series A round. The round was led by KAR Global, an operator of digital marketplace for wholesale used vehicles. This is KAR Global first investment in an Israeli startup. Ravin’s existing investors, PICO Venture Partners and FM Capital also participated in the round. To date, Ravin raised approximately $25M, including previous investors Shell Ventures and General Motors former CEO, Rick Wagoner. The capital raised will be used for continued PD, expansion of its R&D center in Haifa and double the number of its employees by the end of the year.
Mar. 16th: Developer of verifying driver assistance and autonomous systems Foretellix (Foretellix Ltd.), joins leading provider of active safety testing equipment and services, Humanetics to demonstrate new joint toolchain said to bridge the gap between virtual and physical test flows for ADAS and ADS. The new joint offering combines physical and virtual testing of Automated Driving Assisted Systems (ADAS) and Automated Driving Systems (ADS), which aims to help OEMs and Tier 1s reduce development and validation costs while accelerating regulated and non-regulated testing to ensure safety and compliance. The live demonstration, planned for May 2021 in AAA Northern California’s GoMentum Station, will feature Foretellix’s Foretify™ Verification & Validation platform and its unified Coverage Driven Verification productivity dashboard working together with Humanetics test robots (UFOs, Driving Robots).
Mar. 16th: V2X communication solutions provider AutoTalks (אוטוטוקס), joins SECUR project to improve safety for road users. The project includes leading OEMs and Tier1s such as; Toyota, Honda, Renault, Bosch, Continental and Valeo. In the next two years, SECUR aims to complete the task of defining the V2X test procedure that will serve as the basis for the new safety rating by the EuroNCAP 2025. AutoTalks develops global vehicle-to-everything chipset solutions. The chipsets offer advanced, secure, and high-performing V2X communication capabilities for autonomous vehicles.
Mar. 17th: Developer of in-cabin driver monitoring systems Jungo (Jungo Connectivity) prepares for a TASE IPO at a NIS 400-500M ($120-150M) valuation. The company did not plan go public but decided to take advantage of the recent positive momentum in the IPO market of technology companies, and in the automotive sector in particular. Jungo flagship product, CoDriver is a DMS (Driver Monitoring Software) solution provides the car with a real-time picture of driver’s condition. CoDriver, together with additional ADAS components through Sensor Fusion, helps cars better understand the relationships between events, both internal and external to the vehicle cabin.
Mar. 17th: Food and retail drone delivery service provider Flytrex (Flytrex Aviation) completes an $8M funding round from existing investors, Benhamou Global Ventures (BGV) and btov partners. Flytrex also awarded a $1.3M grant from Israel Innovation Authority. The capital will be used to expand Flytrex’s US footprint as well as increase production and R&D capabilities. Flytrex drone delivery solutions provides an autonomous drone delivery service directly to consumers.
Mar. 18th: Wireless vehicle charging company ElectReon Wireless Ltd. (אלקטריאון) starts operation of electric bus charged via electric road infrastructure in Tel Aviv. The project is part of the pilot carried out in cooperation with the Tel Aviv-Yafo Municipality, Dan Bus Company and Ayalon Highways, and funded by the Israel Innovation Authority and the Ministry of Transportation. In January 2020, ElectReon completed the paving and electrification of an electric road section with a total length of about 700 meters, and installed a static wireless charging station at Tel Aviv University bus terminal. In the upcoming weeks, further trials and tests are expected to take place to evaluate the performance of the system under various operating conditions. At the end of the experimental phase, the electric bus is expected to be used as a regular public transportation line, operated by Dan.
Mar. 19th: Developer of 4D imaging radar solutions Arbe Robotics (ארבה רובוטיקס) announces a SPAC merger at a $722M valuation. The company will merge with Houston-based company Industrial Tech Acquisitions (ITAC). After the merger, Arbe will be traded on Nasdaq under the ‘ARBE’ ticker. The deal will deliver up to $177 million of gross proceeds, including contribution of up to $77 million cash held in ITAC’s trust account and a $100 million fully committed PIPE from investors, including M&G Investment Management, Varana Capital and Texas Ventures.
Mar. 19th: Volvo Group Venture Capital invested in Israeli EV charging software company Driivz Ltd. (דרייבז). The amount of the deal was not disclosed. The collaboration with Driivz will play an important role in Volvo’s efforts to help customers to electrify their transport solutions, as said by Volvo VC Director, Erik Johansson. Driivz has developed a platform to manage charging networks for electric vehicles.
Mar. 24th: Less than a year after its TASE IPO, smartphone distraction prevention company SaverOne (סייברוואן 2014 בע”מ) is considering a Nasdaq offering. Since SaverOne’s IPO in June 2020, the company’s share price has jumped by 80%, representing a market cap of NIS 200M ($60.7M). SaverOne offers an in-vehicle protection system designed to prevent accidents that result from texting while driving. The system prevents the driver from using texting applications during motion of the vehicle, while leaving other passengers unaffected. The patent-pending technology combines RF, machine learning and signal processing, creating a virtual canopy over the driver.
Mar. 25th: Tesla’s electric cars arrived in Israel and the first consignment of 230 Tesla 3 cars was delivered to its Israeli customers. The current price is NIS 186,000 for the basic model, NIS 231,000 for the long-range model and up to NIS 265,000 for the sport version.
Mar. 25th: Railway cybersecurity provider Cervello (Cervello Ltd), announces a strategic partnership with Expandium to provide cybersecurity with predictive maintenance for the railway industry. Expandium provides rail telecommunication monitoring solutions in over 100,000 km of tracks in 25+ countries. The collaboration will enable early identification of cyber threats, failures and malfunctions. Targeting low operational costs, ensuring system safety and reliability.
Sources: CTech, Globes, Automotive World, TechCrunch, Ynet, Geektime, The Marker, CISION PR Newswire, businesswire, TechTime, techeu, FINSMES, N12.
