Arbe, an Israeli startup developing radar systems for autonomous vehicles, is preparing for an initial public offering within a few months for trading on either Wall Street or the Tel Aviv Stock Exchange at a company valuation of $400 million-$450 million.
The company aims to raise $100 million in capital to fund continued development. Sources said Arbe currently favors listing first on TASE and later in New York as well. Executives have reportedly met with Israeli institutions about the IPO.
Arbe was formed in 2015 by CEO Kobi Marenko, Chief Technology Officer Noam Arkind and Chief Operating Officer Oz Fixman. The company has 75 employees, 65 of them working in research and development in Israel and the rest in the United States and China.
Arbe’s Radar Development Platform, which it formally unveiled several months ago, is being offered to global companies developing their next-generation radar systems. The company says its system offers better image resolution and object detection than rivals in varying environment conditions, tracking pedestrians, bicycles, scooters and stationary objects like parked vehicles or road construction.
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Arbe still only generates minimal revenue, but it is in a relatively advanced stage of R&D. It has said that radar based on its technology could be installed in vehicles on the road as early as 2022. The company has raised $55 million privately.