Sifia successfully completed a fundraising of approximately NIS 68 million

by time news

Sifia (Cipia) is a growth company operating in the field of developing technologies and advanced products for vehicle interior monitoring (Driver Monitoring System DMS), which uses image processing and artificial intelligence to ensure a safer and better driving experience;

The company’s revenues and its growth strategy are based, among other things, on the increasing adoption of DMS solutions following existing regulation in Europe and similar standard adoption in other territories around the world;

Sifia has engagement agreements to implement the flagship product, Driver Sense, in 17 different vehicle models; Revenue from these signed agreements is estimated at approximately $ 80 million over the life of the agreements;

Collaboration with Mobileye is a competitive advantage due to the ability to integrate the Driver Sense product into a Mobileye chip;

The company is also turning to the vehicle fleet market, and has begun sales of a driver monitoring device (Cipia-FS10) designed to streamline vehicle fleets.

Sifia, a leading growth company in its field, which develops, markets and sells advanced technologies and products for vehicle interior monitoring, reports that it has successfully completed an initial public offering (IPO) and raised NIS 68 million. The company is expected to begin trading on the Tel Aviv Stock Exchange under .

Orion Underwriting and IPOs led the IPO. Certified Public Accountants Tal Naor and Guy Preminger of PwC accompanied the offering. Moore Langerman served as the company’s advisors for the IPO.

Since 2019, Sifia has been focused on the automotive field. The company’s flagship product, Driver Sense, uses computer vision technologies and artificial intelligence protected by over 70 patents. The technology makes it possible to identify visual cues such as eyelids, pupils, gaze direction and more, and translates them into the physiological meaning of the driver’s condition (fatigue, distractions, talking on the phone and more) thus enabling life-saving alerts and actions.

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The motives that promoted the market – Siphia. Credit: Sifia Company

Driver Sense is a software product, designed for implementation in new vehicles. In this context Sifia mainly caters to car manufacturers and the company has so far won manufacturing contracts covering 17 different car models, for four leading car manufacturers marketing their car models in the United States and China. The company is in the series production stages in some of the models, and expects that already in 2022 all the models for which contracts have been signed will go into series production. The expected revenue from signed agreements over the life of the project already amounts to about $ 80 million, depending on the production preparation of the company’s customers.

Sifia is growing rapidly and its revenues in the first half of 2021 totaled about $ 2.6 million, representing a threefold jump over the same period last year. With the introduction of regulations in the field of DMS, tenders are growing at an accelerated pace and accordingly the penetration of DMS technology.

Sofia has a strategic collaboration with Mobileye, in which the company and Mobileye participate in a number of tenders in which the Driver Sense product is integrated in the MobileEye chip. And may allow the company to reach more significant market shares.

The demand in the field in which Sifia operates stems from a trend of legislation and safety standards that has begun in Europe, which regulates the obligation to use DMS solutions for the coming years. The European Organization for Safety Assessment of New Vehicles (Euro NCAP), which is considered the right-wing marker in the field of safety, has added to its requirements a driver monitoring system as part of the vehicle safety rating. Euro NCAP’s most comprehensive requirements in the field will come into force in 2025. The European Parliament has adopted the requirement for driver monitoring as a necessary condition for licensing a new vehicle, so that it will start gradually between 2024 and 2026.

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Sipia’s second product, the Cipia-FS10, is a driver monitoring device designed for vehicle fleets. The device provides the commercial vehicle driver with life-saving alerts, while giving the fleet manager insights, enabling the fleet to be managed more intelligently and efficiently. The Cipia-FS10 has been offered to providers of telemetry solutions and vehicle fleet management since the beginning of 2021, and has already been tested by dozens of potential customers, and even won first orders.

David Tolov, CEO of Sifia, said: “The IPO will significantly strengthen our business and competitive position and enable Sifia to continue the growth trend, and provide a response to the growing demand for advanced DMS solutions. The IPO will also help us examine strategic acquisitions and promote further collaborations. “We along the way, and of course to the new investors who have joined us. We are committed to continuing to grow the company, to bringing value to investors, and to lead technology in meeting the requirements of the global vehicle interior monitoring market.”

Prof. Eli Talmore, Chairman of the Board, added: “Sifia’s vehicle interior monitoring technology is one of the most advanced in the world, and not only meets existing regulatory needs, but is a cornerstone for passenger experiences and monetization of cabin information, for future autonomous vehicle and shared transport platforms.”

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