Car Companies Turn To Israel To Power Their Self-Driving Technology Needs

When Uber,
Ford Motor CompanyF
,
Tesla Motors IncTSLA
and other auto manufacturers need to improve their self-driving technology needs, they all turn toward the nation of Israel.

According to Venture Beat, there have been a "flurry of moves" by car and transportation companies all looking to "claim a piece of Israel's burgeoning autonomous car technology industry."

Related Link: What's Apple CEO Tim Cook Doing In Israel?

For instance, Uber paid $680 million to acquire Israel-based Otto, a self-driving truck company. Ford announced it has acquired Israel-based SAIPS to improve its expertise in artificial intelligence and computer vision. Tesla's CEO Elon Musk secretly visited Mobileye NV MBLY's facilities in Israel in late March; however, the relationship between the two companies has since ended.

However, Mobileye has teamed up with BMW and Intel Corporation INTC to develop self-driving car technologies that will be integrated in future BMW vehicles.

Mobileye's other clients include Volkswagen and Nissan, among others.

Why Israel?

Israel, a country of just 6 million people and the size of Rhode Island, is known to be a hub for many technology players, so its only natural that the local talent is able to be at the forefront of the next generation of technology.

"Israeli companies excel in taking a multidisciplinary approach, which allows them to move very quickly regardless of industry," Emanuel Timor, managing partner at Tel Aviv based Vertex Ventures told Venture Beat. "Behind the smart car innovations in Israel are computer vision and real-time knowhow, but also 3D sensing, video and image processing — all required elements of building a smart car. Companies here have the ability to integrate everything into one solution."

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Posted In: NewsEmerging MarketsTravelGlobalMarketsTechMediaGeneralAutonomous DrivingBMWisraelOttoSelf Driving CarsVenture Beat
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...