SaverOne 2014, which is developing an electronic system that blocks cellphone use while driving, filed on Monday with the SEC to raise up to $12 million in an initial public offering. The company is currently listed on the Tel Aviv Stock Exchange (SAVR).
The company is engaged in the design, development and commercialization of transportation and safety solutions. Its SaverOne system combines proprietary hardware, software, and algorithms to identify and monitor mobile phones located in the driver’s vicinity and selectively block use of life-threatening applications. SaverOne has completed development of its Generation 1.0 system and is in the pre-commercialization/early use phase. Its Generation 2.0 system, which will replace Generation 1.0, is nearing completion, and its Generation 3.0 system is in the early stages of development with an expected launch in 2025. Generation 1.0 and 2.0 are intended for the automobile aftermarket, while the Generation 3.0 is being designed for the OEM market.
The Petah Tikvah, Israel-based company was founded in 2014 and plans to list on the Nasdaq, although it has yet to select a ticker (RC ticker: SAVR.RC). SaverOne 2014 filed confidentially on December 28, 2021. ThinkEquity is the sole bookrunner on the deal. No pricing terms wer disclosed.