Mobileye brief
1
Overview Founded in 1999, Mobileye is a 400+ person technology company based in Israel that develops ADAS solutions. The company claims three competitive strengths: 1) Vision processing software algorithms based on deep learning which allow series of camera only ADAS features 2) IC design competencies of low power / low cost vector accelerators that are an order of magnitude more efficient than the competition 3) Millions of “road experience miles”, translating to a large validation dataset used to train and optimize features Products EyeQ Vision Processing Platform Family of automotive grade chips providing low power and inexpensive computing platforms which support computationally intensive vision applications. Each generation has improved performance by 6X. Series 5/6 Aftermarket Unit A $1,000 product providing FWC, PCW, HMW, LDW, IHC, and SLI features. Valuable for 1) customer acquisition, allowing OEMs to easily evaluate on their own cars, 2) building datasets to train models, and 3) dealings with governmental agencies. Road Experience Management (REM) A cloud based service, and an enabler in Mobileye’s approach to the Autonomous driving market (see below). Delivers crowd sourced high def maps with 10cm accuracy. Primary principle is “Sparse 3D, Dense 1D” which caps network bandwidth requirement at 10 KB/Km. Strategy Mobileye is “fabless”, partnering with STMicroelectronics, but it has kept new hardware launches to a minimum. The channel strategy involves selling thru Tier 1s for fulfillment to cut channel costs. Mobileye has established a firm position in the $4.5B Safety Rating Regulation Market by introducing features identified by NCAPs to achieve 5 star safety rating. Relying only on vision/camera has allowed the company to reduce total cost and enhance penetration. Next, it has started to introduce Autonomous Driving Level 2 features on the same hardware, thus increasing addressable market by 3x. Mobileye is focused on traditional OEMs who aim to achieve full autonomous capabilities incrementally (unlike Google). To support this, Mobileye is placing bets on two things. First, it is launching REM, which complements deep learning capabilities by providing a reasonable ‘prior’, and mitigates the need for 3D HD maps. OEMs can leverage own assets to supply a critical item needed to achieve full autonomy at a reasonable cost. OEMs can share mapping data, and Mobileye claims commitments from 3 OEMs, constituting 30% of market (GM, VW, and presumably Toyota), to deploy. The camera also becomes a strategic assets for OEMs rather than a commodity sensor. Second, Mobileye is aiming to develop capabilities that implement driving policy and planning capabilities, based on a “multi-agent” gaming model. This allows a safer coexistence of full autonomous and regular cars. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Roadmap Product Launches EyeQ1 Series 5 Aftermarket EyeQ2 EyeQ3 Series 6 Aftermarket REM EyeQ4 (Engr. Sample) EyeQ4 (Engr. Sample) EyeQ4 Camera VGA (640 x 480) - 12bit 36 FPS Up to 2048x2048 Monochrome, Bayer, RGB, Y:Cb:Cr 50° Monocular Camera 1.3M imagery - 150°, 50°, 25° trifocal Front radar, 4x side radar, front/back liar Trifocal + 5 cameras Software Feature Launches Two bundes - LDW, TSR, IHC - LDW, v-AEB Aftermarket - FWC - PCW - HMW - LDW Pedestrian Detection System (Industrial) LDW VD 2nd generation PD PCW IHC TSR LKA FCW HMW ACC TJA p/v AEB Partial breaking Road profile reconstruction Debris detection Multiple focal camera Aftermarket Bluetooth smartphone support Blind spot detection Traffic Light Detection (US) Night-time PD FSPL PPHC REM Prior to resolve ambiguity Improved drivable paths Object Detection Full Speed ACC LKA in construction zones 3D VD Automated parking Market Notable OEM Feature Introductions LDW CWAB DAC LDW AHC TSR p/v AEB partial breaking IFCW ACC TJA p/v AEB vAEB Full Breaking VW REM announcement at CES Animal Detection First autonomous vehicle launch Additional New Launches LDW 5 new launches Two commercial launches autonomous 3x EyeQ3 configuration New Launch MSRP $K(mean/min) $53 $37 $80 $80 $34 $34 $30 $16 $33 $22 $38 $23 $23 $20 Models 5 10 13 19 34 54 109 160 215 247 Mobileye Brief Autopilot S80 V80 XC60 XC70 BMW7 S60 BMW1 BMW3 Volt Equinox Terrain Cad XTS Cad DTS i3 BMW1 BMW3 BMW5 BMW7 Super Cruise KEY p-AEB: Pedestrian Automatic Emergency Braking v-AEB: Vehicle Automatic Emergency Braking ACC: Adaptive Cruise Control AHC: Adaptive High Beam Control CWAB: Collision Warning Auto Brake DAC: Driver Alert Control DNN: Deep Neural Network FCW: Forward Collision Warning FSPL: Free Space thru Pixel Labeling HMW: Headway Monitoring and Warning HPP: Holistic Path Prediction IHC: Intelligent High Beam Control LDW: Lane Departure Warning LKA: Lane Keeping Assistant LKS: Lane Keeping and Support PCW: Pedestrian Collision Warning PD: Pedestrian Detection PPHC: Path Planning using Holistic Cues SLI: Speed Limit Indicator TJA: Traffic Jam Assist TSR: Traffic Sign Recognition VD: Vehicle Detection Camera/Radar Fusion Multiple Cameras Single Monocular Camera REM Autonomous driving $0 $60 $120 $180 $240 2011 2012 2013 2014 2015 22 18 13 117 57 25 5 6 3 Estimated NRE EyeQ Aftermarket Total Revenue $19 $40 $81 $144 $240 $45 Revenue(M) EBITDA(M) and Margin Company Guidance AEB Level 3 Autonomous Driving Level 4 Autonomous Driving Level 2 Autonomous Driving pro-forma Company swung to profitability in 2013, after shipping 2.6M cumulative units. The loss in 2014 was due to a $60M charge for options granted to founders, without which the profitability would have grown by 200% to $45M. Margins have been steady at 74%. Financials YOY growth (70%-100%) outpaces ADAS market growth (~30%). Given 100% unit CAGR, aspirational target ASP ($132), Mobileye may become the dominant autonomous driving systems vendor. Very few hardware releases, but frequent software features on the same hardware have solidified solution value proposition. Incremental march towards autonomous driving. Camera only features have cut costs (parts, with no radar requirement, and integration), allowing penetration in non-luxury segments. Has won 80% of all RFQs received in the past seven years. Currently company claims 22 OEM customers. -$3 $25 $53 $80 50% 58% 65% 73% 80% 2011 2012 2013 2014 2015 Margin EBITA(M) $76 -$15 $15 -$2 -$12 74% 74% 74% 70% 64% 64% 70% 74% 74% 74% 0 4.5 9 13.5 18 Safety Rating Regulation Autonomous Driving Trend Autonomous With REM Mobileye Addressable Market ($B) Level 2 Autonomous Driving Level 3 Autonomous Driving $4.5 $15 Present Future Without options charge 0 1250 2500 3750 5000 $0 $35 $70 $105 $140 2011 2012 2013 2014 2015 2016 2017 2018 EyeQ ASP Estimated ASP 2018 Low end 2018 High end Units (K) 290 668 1,303 2,656 5,000 $132 $42 $42 $35 $37 $44 $44 ASP flat in 2014 due to mix of app bundles in pipeline. Company forecasts ASP to multiply by up to 3x (to $132) in 2018 by adoption of autonomous driving features. Average Selling Price (ASP) and Units 2/15/16 [email protected]
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Transcript of Mobileye brief
Overview Founded in 1999, Mobileye is a 400+ person technology company based in Israel that develops ADAS solutions. The company claims three competitive strengths: 1) Vision processing software algorithms based on deep learning which allow series of
camera only ADAS features 2) IC design competencies of low power / low cost vector accelerators that are an order of
magnitude more efficient than the competition 3) Millions of “road experience miles”, translating to a large validation dataset used to
train and optimize features
Products EyeQ Vision Processing Platform Family of automotive grade chips providing low power and inexpensive computing platforms which support computationally intensive vision applications. Each generation has improved performance by 6X.
Series 5/6 Aftermarket Unit A $1,000 product providing FWC, PCW, HMW, LDW, IHC, and SLI features. Valuable for 1) customer acquisition, allowing OEMs to easily evaluate on their own cars, 2) building datasets to train models, and 3) dealings with governmental agencies.
Road Experience Management (REM) A cloud based service, and an enabler in Mobileye’s approach to the Autonomous driving market (see below). Delivers crowd sourced high def maps with 10cm accuracy. Primary principle is “Sparse 3D, Dense 1D” which caps network bandwidth requirement at 10 KB/Km.
Strategy Mobileye is “fabless”, partnering with STMicroelectronics, but it has kept new hardware launches to a minimum. The channel strategy involves selling thru Tier 1s for fulfillment to cut channel costs.
Mobileye has established a firm position in the $4.5B Safety Rating Regulation Market by introducing features identified by NCAPs to achieve 5 star safety rating. Relying only on vision/camera has allowed the company to reduce total cost and enhance penetration.
Next, it has started to introduce Autonomous Driving Level 2 features on the same hardware, thus increasing addressable market by 3x.
Mobileye is focused on traditional OEMs who aim to achieve full autonomous capabilities incrementally (unlike Google). To support this, Mobileye is placing bets on two things.
First, it is launching REM, which complements deep learning capabilities by providing a reasonable ‘prior’, and mitigates the need for 3D HD maps. OEMs can leverage own assets to supply a critical item needed to achieve full autonomy at a reasonable cost. OEMs can share mapping data, and Mobileye claims commitments from 3 OEMs, constituting 30% of market (GM, VW, and presumably Toyota), to deploy. The camera also becomes a strategic assets for OEMs rather than a commodity sensor.
Second, Mobileye is aiming to develop capabilities that implement driving policy and planning capabilities, based on a “multi-agent” gaming model. This allows a safer coexistence of full autonomous and regular cars.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
RoadmapProduct Launches EyeQ1
Series 5 AftermarketEyeQ2 EyeQ3
Series 6 AftermarketREM
EyeQ4 (Engr. Sample)
EyeQ4 (Engr. Sample)EyeQ4
Camera VGA (640 x 480) - 12bit36 FPS
Up to 2048x2048 Monochrome, Bayer, RGB,
Y:Cb:Cr
50° Monocular Camera1.3M imagery-
150°, 50°, 25° trifocal Front radar, 4x side radar, front/back liar
Trifocal + 5 cameras
Software Feature Launches
Two bundes - LDW, TSR, IHC - LDW, v-AEB
Aftermarket- FWC- PCW- HMW- LDW
Pedestrian Detection System (Industrial)
LDW VD 2nd generation PD PCW
IHCTSR
LKAFCWHMW
ACC TJAp/v AEB Partial breaking
Road profile reconstruction Debris detection Multiple focal cameraAftermarketBluetoothsmartphone supportBlind spot detection
Traffic Light Detection (US)
Night-time PDFSPL PPHC
REM Prior to resolve ambiguity
Improved drivable paths
Object Detection Full Speed ACC
LKA in construction zones
3D VDAutomated parking
MarketNotable OEM Feature Introductions
LDW CWABDAC
LDWAHCTSR
p/v AEB partial breaking
IFCW ACCTJAp/v AEB
vAEB Full Breaking
VW REM announcement at CES
Animal Detection
First autonomous vehicle launch
Additional New Launches
LDW 5 new launches Two commercial launches autonomous 3x EyeQ3 configuration
New Launch MSRP $K(mean/min)
$53$37
$80$80
$34$34
$30$16
$33$22
$38 $23
$23$20
Models 5 10 13 19 34 54 109 160 215 247
Mobileye Brief
Autopilot
S80 V80 XC60 XC70
BMW7 S60 BMW1 BMW3
Volt Equinox Terrain Cad XTS Cad DTS
i3
BMW1 BMW3 BMW5 BMW7
Super Cruise
KEY p-AEB: Pedestrian Automatic Emergency Brakingv-AEB: Vehicle Automatic Emergency BrakingACC: Adaptive Cruise Control AHC: Adaptive High Beam ControlCWAB: Collision Warning Auto Brake DAC: Driver Alert ControlDNN: Deep Neural NetworkFCW: Forward Collision Warning FSPL: Free Space thru Pixel LabelingHMW: Headway Monitoring and WarningHPP: Holistic Path PredictionIHC: Intelligent High Beam ControlLDW: Lane Departure Warning LKA: Lane Keeping AssistantLKS: Lane Keeping and SupportPCW: Pedestrian Collision WarningPD: Pedestrian Detection PPHC: Path Planning using Holistic CuesSLI: Speed Limit IndicatorTJA: Traffic Jam AssistTSR: Traffic Sign Recognition VD: Vehicle Detection Camera/Radar Fusion Multiple Cameras
Single Monocular Camera REM
Autonomous driving$0
$60
$120
$180
$240
2011 2012 2013 2014 2015
22
18
13
117
57
25563
Estimated NREEyeQAftermarketTotal Revenue
$19
$40
$81
$144
$240
$45
Revenue(M) EBITDA(M) and Margin
Company Guidance
AEB
Level 3 Autonomous Driving
Level 4 Autonomous Driving
Level 2 Autonomous Driving
pro-forma
Company swung to profitability in 2013, after shipping 2.6M cumulative units. The loss in 2014 was due to a $60M charge for options granted to founders, without which the profitability would have grown by 200% to $45M. Margins have been steady at 74%.
Financials
YOY growth (70%-100%) outpaces ADAS market growth (~30%). Given 100% unit CAGR, aspirational target ASP ($132), Mobileye may become the dominant autonomous driving systems vendor.
Very few hardware releases, but frequent software features on the same hardware have solidified solution value proposition. Incremental march towards autonomous driving.
Camera only features have cut costs (parts, with no radar requirement, and integration), allowing penetration in non-luxury segments. Has won 80% of all RFQs received in the past seven years. Currently company claims 22 OEM customers.
-$3
$25
$53
$80
50%
58%
65%
73%
80%
2011 2012 2013 2014 2015
MarginEBITA(M)
$76
-$15
$15
-$2-$12
74%74%74%
70%
64%64%
70%
74% 74% 74%
0
4.5
9
13.5
18
Safety Rating
Regulation
Autonomous Driving Trend
Autonomous With REM
Mobileye Addressable Market ($B)
Level 2 Autonomous Driving
Level 3 Autonomous Driving
$4.5
$15
Present Future
Without options charge
0
1250
2500
3750
5000
$0
$35
$70
$105
$140
2011 2012 2013 2014 2015 2016 2017 2018
EyeQ ASPEstimated ASP2018 Low end2018 High endUnits (K)
290668
1,303
2,656
5,000$132
$42$42$35 $37
$44 $44
ASP flat in 2014 due to mix of app bundles in pipeline. Company forecasts ASP to multiply by up to 3x (to $132) in 2018 by adoption of autonomous driving features.
Average Selling Price (ASP) and Units
2/15/16
