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Ambarella Closes Acquisition of Oculii
November 8, 2021 | GlobeNewswireEstimated reading time: 1 minute
Ambarella, Inc., an AI vision silicon company, announced the completion of its previously announced transaction to acquire Oculii Corp.
On October 26, 2021, Ambarella announced that Oculii and Ambarella had signed a definitive merger agreement, pursuant to which Ambarella would acquire all outstanding capital stock of Oculii for $307.5 million. On November 5, 2021, pursuant to the terms of the merger agreement, Ohio Merger Sub, Inc. merged with and into Oculii, and all outstanding capital stock of Oculii was cancelled and converted into the right to receive cash. As a result of the merger’s completion, Oculii has become a wholly-owned subsidiary of Ambarella. Oculii co-founder and CEO, Steven Hong, will serve as Ambarella’s Vice President and General Manager, Radar Technology. Professor Lang Hong, co-founder and CTO, will become an Ambarella Fellow.
Oculii’s adaptive AI software algorithms are designed to enable radar perception using current production radar chips to achieve significantly higher (up to 100X) resolution, longer range and greater accuracy. This acquisition expands Ambarella’s addressable market into radar perception and fusion with its existing edge AI CV perception SoCs for automotive and other IoT endpoint applications, including mobile robotics and security. The fusion of Ambarella’s camera technology and Oculii’s radar software stack will provide an all-weather, low-cost and scalable perception solution, enabling higher levels of autonomy for automotive tier 1s and OEMs globally.
“We are excited to have closed this transaction quickly, and look forward to integrating our teams and technologies,” said Fermi Wang, President and CEO of Ambarella. “The two organizations have very similar cultures, and Ambarella is now one of the very few semiconductor companies to have advanced camera and radar technology development under one roof. This enables us to provide the market with greater levels of perception than was previously attainable with discrete camera and radar solutions.”
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