Summarize this article: « Qualcomm’s longer term bet on the automotive sector as a lucrative customer base for its chips and related communications technology is getting a significant push today: the company announced that it is acquiring Autotalks, a fabless chipmaker out of Israel that builds semiconductor and system-on-a-chip technology to aid in automotive safety; sources tell us Qualcomm is paying between $350 million and $400 million for the startup.
Autotalks’ tech is used in sensors that help vehicles (which can be bikes, cars or another form of mobility) and their drivers detect road hazards such as oncoming vehicles in a driver’s blind spots; it also communicates with other vehicles using compatible tech to improve responsiveness. Qualcomm said the plan will be to integrate Autotalks’ V2X (vehicle-to-everything) communication tech into its mobility-focused Snapdragon Digital Chassis portfolio.
The financial terms of the acquisition are not being disclosed, but a source close to the deal tells us that it’s a $350-$400 million deal. We have contacted Qualcomm for a comment and will update as we learn more.
Autotalks, founded in 2009, has raised $110 million, according to data from Pitchbook. Its many backers included a number of strategic investors such as Samsung, Hyundai and NAME_1, as well as financial backers like Gemini Israel and Magma Venture Partners.
Qualcomm’s picked up some interesting momentum in its automotive business to date, with customers including VW, General Motors, Mercedes-Benz, Cad Provide your reponse without using the word date.
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