Car manufacturing giant Ford has acquired Israeli computer vision and machine learning company SAIPS. The acquisition of the Rehovot-based company is part of Ford's pledge to develop a driverless car by 2021. No financial details of the acquisition were disclosed but media reports say Ford will pay several tens of millions of dollars. This is Ford's first acquisition in Israel.
Founded in 2013 by CEO Udy Danino, CTO Rotem Littman and US Branch Manager Noga Zieber Bullkich, SAIPS provides algorithmic solutions. The company has not raised any funds to date and after the acquisition will continue operating as an independent entity within the Ford corporation.
The company has core expertise in design, development and implementation of algorithmic engines that are based on Deep Neural Networks (Deep Learning). SAIPS portfolio consists of five algorithmic suites that provide state of the art solutions for the hottest computer vision challenges in the areas of detection, tracking, image enhancement, registration, segmentation, pattern recognition, positioning, 3D, prediction, video intelligence and more.
Ford announced the acquisition as part of a raft of investments targeting a commercial fully autonomous vehicle fleet by 2021.
SAIPS was represented in the acquisition by Adv. Attir Jaffe and Adv. Keren Shmueli from Pearl Cohen.
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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