Cipia, an AI computer vision in-cabin automotive solutions provider, announced that the company has secured over $9M (32.6M NIS) of funding via Private Investment in Public Equity (PIPE). The funding was led by Alexandre Weinstein (member of the Board, stakeholder in Cipia and founder of Olive Tree Ventures) via a private company in his ownership, alongside Cartridge Holdings Ltd and Professor Eli Talmor, Executive Chairman of Cipia’s Board.
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Yehuda Holtzman, CEO of Cipia, said “This investment is a powerful vote of confidence in Cipia’s business strategy, from both new and existing investors. We will use this new funding to expand our business activity in global markets, specifically the US, Europe and China, and strengthen our presence in these markets as a dominant player in the growing vehicle in-cabin monitoring market.”
The investors purchased 36,612,753 restricted shares of Cipia stock for 0.89 NIS per share, which is 13.96% higher that the closing price of the stock on the day before approval of the investment by the Board of Directors (0.78 NIS).
The newly raised funds will be used to continue investment in research and development of Cipia’s vehicle in-cabin sensing solutions, and to strengthen its marketing and sales activities with emphasis on the US, European, and Chinese markets.