On Thursday, shares of Mobileye NV MBLY , an Israel-based company that develops computer vision chips, cameras, and other technology to support self-driving efforts, are surging, up almost 10% to $38.42 per share in afternoon trading on news of its partnership with HERE .
HERE is an Open Location Platform company that allows people, businesses, and cities to capture the power of location. The two companies, who both specialize in autonomous driving technologies, will combine Mobileye's Roadbook, a tool that maps and identifies drivable routes in real-time utilizing crowdsourced data, with HERE's HD Live Map, which will add to its existing data. HERE will also utilize raw sensor and observation data from Mobileye.
"High-definition mapping is a key enabler for autonomous driving. Mobileye's REM™ technology, enabling crowd-sourced data extraction, together with the backend processing of the Roadbook™ combined with HERE HD Live Map is critical to ensure dynamic, near real-time updates," said Amnon Shashua, chairman and chief technology officer of Mobileye.
Mobileye will use HERE's Open Location Platform, helping the HD Live Map receive updates much faster and giving autonomous cars a better reflection of actual real-time driving settings.
"We are building a state-of-the-art global HD map that is becoming the standard for autonomous driving and other IoT applications that need precise location-based information and services," said Edzard Overbeek, CEO of HERE. "We are rapidly expanding this capability and I am very pleased that we can accelerate that work with Mobileye."
Since maps are one of the key factors of successful self-driving vehicles, both Mobileye and HERE should benefit going forward, becoming appealing partners for automakers like Ford F and General Motors GM as they ramp up self-driving production and fleet services.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.