OrCam Hints at IPO Post 2018
Amnon Shashua Chairman and Chief Technology Officer of Mobileye, which makes camera-based sensor chips and related software systems that are being used in the development of self-driving/ autonomous cars, has announced that his other company called OrCam which makes cameras for visually impaired people, is soon going to be ready for an IPO.
In the second week of March, 2017, Mobileye was sold to Intel for $15 billion. The acquisition will be completed in 9 months. As part of the acquisition, the Automated Driving Group of Intel will be integrated into Mobileye. The new combined group will be based in Israel, headed by Shashua.
OrCam makes a camera which can be mounted on the eyeglass frames of visually impaired people. These cameras come with intelligent software that can read newspapers, recognize people and common items and also read street signs. The software then dictates what it sees into the user’s ear helping its user interact with their surroundings.
OrCam completed an investment funding round of $41 million in March, 2017. The total value of the company after this investment round is at $600 million. Intel has also invested about $6 million in the company. OrCam is already doing very well. “Sales targets for 2017 are four times more than 2016,” says Shashua. “By the end of 2018 the revenue, the profit, of the company will be at such a level, together with the ability to forecast, that it’s good enough for an IPO.”
Though Shashua will be busy with the Mobileye acquisition and the formation of the new group, he is confident to oversee the IPO which is planned on either Nasdaq or the New York Stock Exchange.