Intel on Tuesday started work on Mobileye’s new Global Development Center in Jerusalem. When it is complete, the eight-story complex will provide work for 2,700 employees.
The cornerstone was laid by Mobileye CEO Prof. Amnon Shashua and Israeli Prime Minister Benjamin Netanyahu. Netanyahu said, “I see the expansion of this campus as a sign of the future, and there will be more companies that follow it, both as subcontractors and those who develop their own technologies.”
It will be an eight-story complex that will span 50,000 square meters above ground and 78,000 square meters below ground. It was not clarified why so much of the facility’s space would be underground. The development center will provide space for 2,700 employees.
This marks a sizeable increase from the 660 employees Mobileye had when Intel announced its acquisition of the company March 2017. When the acquisition was completed, Intel’s Autonomous Driving Group merged with Mobileye to form a ~1,500 employee company. The company has enjoyed solid growth in its first two years at Intel. In its first quarter as part of Intel, the fourth quarter of 2017, Mobileye had revenue of $128 million. Last quarter, Mobileye reported $201 million in revenue. Its plans have also expanded considerably, with Mobileye planning to offer a ride-hailing service by 2023.
The press release also adds that it “marks the largest investment in the history of Israel.” Although no financial details were disclosed, that seems a bit of a stretch considering that Intel earlier this year planned to invest $11 billion in a new fab. The global development center is scheduled to open in 2022.