INTERNATIONAL - Israeli company Mobileye, a subsidiary of the US top chipmaker Intel, laid the cornerstone for a global development center in Jerusalem on Tuesday, with the attendance of Israeli Prime Minister Benjamin Netanyahu.
Mobileye develops, manufactures and markets advanced driver-assistance systems (ADAS) based on image processing technologies.
The company's systems, which have only one camera, alert the driver in real time to a variety of collision hazards and vehicle deviation from the road.
The systems also identify pedestrians, cyclists and motorcyclists, as well as speed signs. Mobileye, founded in 1999 and headquartered in Jerusalem, was acquired in 2017 by US giant Intel for $15.3 billion.
Tuesday's ceremony was attended by Netanyahu, Minister of Economy Eli Cohen and Amnon Shashua, president and chief of Mobileye and senior vice president at Intel Corporation.
"We are leading Israel to the forefront of the global economic revolution in industries that incorporate artificial intelligence, large databases and hyperlinks," Netanyahu spoke at the ceremony.
Mobileye announced that the new center will over over 50,000 square meters above ground and another 78,000 square meters underground.
The eight-storey new building will have 56 meeting rooms, and an area of 1,400 square meters for the research and development labs.
The center is expected to open at 2022, and will hire about 2,700 employees.