Cybervan has developed a system that provides a unique solution to the problem of distraction while driving as a result of cell phone use
Cybervan (TA: Siber), a technology company that developed a system that provides a unique solution to the problem of distracted driving as a result of cell phone use, reported success in an initial public offering (IPO). As part of the offering, requests were received in the amount of 36 million NIS, and the company decided to respond to orders in the amount of 26 million NIS, according to a share price of 16.4 million NIS, which is higher than the minimum price offered in the tender.
The system developed by the company is designed to address the problem of the distraction of drivers who use various applications on a mobile device while driving and endanger road users. According to studies, the annual cost of traffic accidents in the US is about 300 billion dollars, with 25% of them related to the use of the mobile device. The company's technology prevents distraction by preventing access to various features of the device and does not require the cooperation of the driver while producing a quiet and safe driving environment.
The company's initial target market includes commercial and private vehicle fleets where the company's systems will be installed in order to reduce risks and lower costs following road accidents involving their drivers. Insurance and leasing companies as well as companies that manage vehicle fleets have a great interest in reducing damages and costs as a result of accidents. The company is first targeting the Israeli car market as well as the European and US markets and estimates that regulatory changes to introduce life-saving systems may have a dramatic positive effect on the demand for its systems.
The company's shareholders include companies such as the UMI Israel automotive group, Ituran, the Gil-Car company and Keshet 12, as well as the businessman Zvika Barinbaum, Moti Gutman, CEO of Matrix, Ligad Roteloi, chairman of Ratio, and Tzachi Sultan, chairman of Discount Capital.
The company's management includes experienced businessmen in the fields of development, technology, marketing and sales and management of large organizations. The chairman of the company is Yaakov Tannenbaum and the CEO of the company is Uri Gilboa who managed the cars and motorcycles division in the Meir Group.
The company earmarks the bulk of the IPO proceeds for the realization of its development plans, including the continued development of locating capabilities, the development of a solution for public transportation and the development of the next generation of the system. In addition, the proceeds of the issue will be used to implement a marketing plan and penetration of commercial vehicle fleets and large organizations in Israel, among other things through an advertising campaign and by directly addressing decision makers.
Upon completion of the fundraising, the company stated that it thanks the investing public who participated in the offering and expressed confidence in its plans and strategic moves. The raising of NIS 26 million strengthens its balance sheet and supports the promotion of these moves. The recruitment was led by Rosario Underwriting Services (AS) Ltd. and Discount Capital Underwriting Ltd.
Company website: https://saver.one/
