Mobileye has announced its intention to acquire Mentee Robotics for a total of $900 million, which includes approximately $612 million in cash and up to 26.2 million shares of common stock. This transaction, revealed during CES in Las Vegas, is part of co-founder and president Amnon Shashua’s vision for what he terms Mobileye 3.0, focusing on robotics and advanced AI applications.
The acquisition has received approval from both Mobileye's board and Intel, the company’s largest shareholder, and is expected to finalize in the first quarter of 2024. Following the acquisition, Mentee Robotics will operate as an independent unit within Mobileye. This move aims to enhance Mobileye's portfolio by integrating Mentee's developments in humanoid robotics with its expertise in automotive technologies.
Shashua, who is also a significant shareholder in Mentee, recused himself from the board's deliberations regarding the deal. While the precise benefits of this acquisition are still being evaluated, Mobileye stated that it represents a significant advancement toward Physical Artificial Intelligence, aiming to create systems capable of understanding and interacting effectively with humans and their environments.