Israeli chipmaker Valens heading to billion-dollar SPAC

Israel-based automotive chip company Valens Semiconductor Ltd. is in advanced negotiations to go public via a merger with a SPAC (special purpose acquisition company). Calcalist has learned that the merged company is set to be valued at between $1 billion and $1.2 billion. Valens has hired the services of Bank of America to lead the merger, the negotiations for which began three months ago.

Based in Hod Hasharon in central Israel, Valens was founded in 2006 and manufactures semiconductor products for the delivery of uncompressed HD multimedia content for the automotive, industrial, and consumer electronics markets. The company has raised $167 million to date from investors including Goldman Sachs, Samsung, and Oppenheimer Asset Management. Valens currently employs a team of 300 people in Israel, the U.S., Germany, Japan, South Korea, China, and Taiwan.

Valens is set to join a long list of Israeli companies who are already in the process of going public via a SPAC, including ironSource, eToro, StoreDot and Cellebrite.