Cipia announces its IPO on the Tel Aviv Stock Exchange
TEL AVIV, Israel, November 24, 2021 / PRNewswire / – Cipia, (TASE: CPIA), a provider of in-cab AI computer vision automotive solutions, today announced that it has increased $ 22 million as part of the company’s initial public offering (IPO). Cipia will be listed on the Tel Aviv Stock Exchange (TASE) under the symbol CPIA.
The Driver Monitoring Industry (DMS) is defined by strong legislation in Europe which imposes the need for DMS solutions in all new vehicles in the years to come. The European New Car Assessment Program (Euro NCAP), an organization at the forefront of safety standards, has added a driver monitoring system to its requirements as part of the safety assessment of future vehicles, most comprehensive requirements coming into force in 2025. Following the example of Euro NCAP, the European Parliament has adopted legislation making the gradual integration of DMS software compulsory for the registration of new vehicles from 2024 to 2026.
Designed to fit into new vehicles, the company’s flagship product, Driver sense, is a driver monitoring system that uses AI and computer vision algorithms to monitor important driver visual cues in real time for signs of drowsiness, distraction, and other dangerous actions (such as holding onto mobile phone while driving). Once detected, the DMS enables alerts and vital actions.
Cipia holds over 70 computer vision AI patents. The company’s H1 2021 turnover amounts to $ 2.6 million, which is a tripling compared to the same period last year. With the advent of DMS regulations around the world, the demands for solutions to meet the requirements are increasing at an accelerating rate and the integration of DMS technology is becoming a necessity.
Cipia has partnered with Mobileye to integrate the Driver sense software on the Mobileye chip. The company believes that ADAS integrated and Driver sense The DMS solution provides the market with a more cost effective offering compared to alternatives in the market and can help the company achieve substantial market share.
Cipia also offers Cipia-FS10, a video telematics and driver monitoring device for fleets. Cipia-FS10 provides vital real-time alerts to the driver, as well as personalized alerts and information for fleet management. The solution makes it possible to manage the fleet in a more intelligent and efficient way. Cipia-FS10 was launched in early 2021 and is now being integrated by customers around the world.
“The success of the IPO will significantly strengthen our business and our competitive status, allowing Cipia to grow and meet the growing demand for in-cabin detection solutions,” said David Tolub, CEO of Cipia. “The funding will also allow us to review strategic acquisitions and promote new collaborations. I would like to thank the employees of the company, its customers and, of course, the investors who have joined us in this last chapter of our journey as well as those who I am convinced that Cipia has the range of solutions and technological advantages necessary to maintain a leading position in the global cabin detection market, and we are committed to continuing to grow the business and deliver value to investors. “
“Cipia’s technology for cabin surveillance is one of the most advanced in the world,” said the professor. Eli talmor, Chairman of the Board of Directors of Cipia. “The solution not only meets existing regulatory needs, but is also a cornerstone for the passenger experience and in-cabin information monetization, for future autonomous vehicles and mobility services. “
Cipia is a leading provider of smart sensing solutions that use computer vision and AI for safer and better mobility experiences. The company focuses on the automotive environment in the cabin, offering Driver Sense – a driver monitoring system, Cabin Sense – occupancy monitoring systems and Cipia-FS10 – a driver monitoring and video telematics device for fleets. . Over a decade of research and development is behind the company’s proprietary, market-leading computer vision technology. Cipia is constantly pushing the boundaries of what intelligent sensing solutions can see and accomplish, for better and safer mobility.
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