Hi, welcome to Tech This Evening, an After-Work Tech Newsletter from Techparley Africa. Sure, there is a lot to unpack right now. Sit back, while I walk you through.
Top Story: Mobileye Buys Israeli Startup, Mentee Robotics, in $900m Deal – What This Acquisition Means for Future of AI
Mobileye, the Jerusalem-based developer of advanced vision systems and autonomous driving technology, has agreed to acquire fellow Israeli startup Mentee Robotics in a transaction valued at approximately $900 million.
Under the terms of the deal, Mobileye will acquire Mentee for $612 million in cash and up to 26.2 million Mobileye shares. Mentee will continue to operate as an independent unit within Mobileye.
Both companies were co-founded by Professor Amnon Shashua, who is Mobileye’s chief executive, though the company said he did not participate in the approval process for the transaction.
“The AI that we are mostly using starts in the digital space and ends in the digital space, and the difference with physical AI like autonomous driving is that the AI is in the decision-making in the real world,” said Shashua. “Mobileye wants to expand its scope to all aspects of physical AI because there are a lot of synergies in terms of the technology layers.”
Other Tech News Stories You Should Read:
Singapore’s DayOne Data Centers Raises Over $2 Billion to Expand AI-Ready Infrastructure in Europe and Asia. Read now.
Bank of Ghana Unveils Plans For National Remittance Strategy To Boost Capital Inflows. Read now.
ZeroNorth Renews Digital Partnership With Maersk Tankers to Strengthen Voyage Control and Data Quality. Read now.
On Startup Spotlight:
Red Sea Global and Bunat VC Launch AI Venture Fund for Saudi Arabia Startups
Red Sea Global (RSG), the developer behind the Kingdom of Saudi Arabia’s flagship regenerative tourism destinations The Red Sea and AMAALA, has announced a partnership with Bunat Ventures Limited (Bunat VC) to establish a venture capital fund dedicated to artificial intelligence (AI) startups in Saudi Arabia.
The newly launched AI Venture Fund will invest in early-stage and growth-stage companies that are either AI-native or use AI as a core driver of their business models.
Over the next three years, the team says the fund plans to support around 25 startups through pre-seed and growth investments, combining capital with access to operational environments where emerging technologies can be tested and refined at scale.
“At Red Sea Global, we view innovation as a catalyst for a regenerative future. This partnership with Bunat VC reflects our belief that technology is fundamental to sustainability, enabling us to invest in bold ideas that will accelerate the Kingdom’s digital transformation and inspire global progress,” said Sultan Moraished, Group Head of Technology and Corporate Excellence at Red Sea Global.
Quadri Adejumo brings you all the details. Read here.
Also Read:
Mobility Startup, RoadMind AI is Betting on Hardware-Powered Intelligence to Fix Africa’s Dangerous Roads. Yakub Abdulrasheed brings us the details, here.
Quote of the Day:
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke.
Thank you for joining me yet again this evening. Stay safe, and see you tomorrow for the next tech newsletter.
Best, Quadri
