Israeli Driver Safety Startup SaverOne Looking to Expand to the NASDAQ
The company already lists on the TASE.
SaverOne is an Israeli company which offers a new system takes which can take control over a driver’s telephone and prevent the use of dangerous applications. Globes reports that the company is thinking of offering its shares for sale on the NASDAQ. The news comes less than a year after it went public on the Tel Aviv Stock Exchange (TASE).
Founded in 2014, SaverOne incorporates an In-Vehicle Protection System for preventing accidents resulted from Texting & Driving (T&D). These accidents account for 25% of all accidents! (more than driving while intoxicated). This is achieved by preventing the use of texting applications by the driver when the vehicle is in motion, while all other passengers are not affected.
How often have you heard about the problem f texting while driving? How many crashes has it caused? How many times do they report on the news about a pedestrian hit by a car because the driver was distracted texting? Even with the widespread ticketing of people caught using their smart phones while driving people still continue to do this.
SaverOne declares that it enables additional growth engine by providing synchronized vehicle and mobile parameters from the vehicle and the mobile, creating an on-line “Enhanced Big Data”platform.
Since SaverOne’s TASE IPO which was held in in June 2020, the company’s share price has risen by 80%. The company now has a market cap of NIS 200 million ($63 million).
So why also add a NASDAQ listing. Israeli high tech companies generally look for a New York listing first. Their eschewing of the TASE has been somewhat of a thorny issue in Israel over the years. So is SaverOne going to abandon the TASE eventually?
The company explained its reasoning for this move to Globes. Apparently it has to with interest from the Americans. “Due to enquiries that the company has received from American investors about investing in the company’s shares and regarding listing shares on Nasdaq, and because the company is expanding its activities overseas, the company’s board has decided to set up a committee to examine aspects of an offering and or listing on Nasdaq.”
In other SaverOne news, the company has signed a deal with Foresight subsidiary Eye-Net to integrate the Eye-Net Protect solution in SaverOne’s product. According to the agreement, the Eye-Net Protect solution will be integrated in the SaverOne solution in order to offer an additional protection layer and enhance its ability to prevent accidents by alerting drivers about potential collisions. Eye-Net’s integration in the SaverOne solution presents shared revenue stream potential that could be derived from offering optional features for an annual license fee.
The agreement also contemplates that SaverOne will introduce Eye-Net to certain companies with which it has business relationships, in consideration for 10% of the revenues received by Eye-Net under a commercial transaction with a third party introduced by SaverOne. In turn, Eye-Net will introduce SaverOne to Japanese vehicle manufacturers and business entities with which Eye-Net has business relationships.
“We are pleased to announce our joint venture with Eye-Net, SaverOne’s first partnership with a technology company, whose activities are also based on saving lives and reducing road accidents. The joint venture with Eye-Net will allow SaverOne to offer its customers a comprehensive safety suite that includes additional safety-related and accident prevention services,” said Ori Gilboa, CEO of SaverOne.