TEL AVIV, Israel, Feb. 8, 2021 /PRNewswire/ -- Management of Axilion Smart Mobility opened trading this morning in celebration of its IPO on TASE and entering the TA-90 Index.
Axilion is joining the 11 new companies that are listed on The Tel Aviv Stock Exchange since the beginning of 2021. The company is included in TASE's High-Tech Sector, which comprises 144 companies with a total market cap of 319 billion.
Axilion is an Israeli AI company that develops and builds digital replicas of cities as a means to reducing emissions, relieving traffic congestion, optimizing public transport and improving the safety of pedestrians, cyclists and scooter riders.
The company supplies an algorithm-based municipal infrastructure software that allows outdated traffic light systems to "communicate" and create green waves in the main arteries of the city, giving precedence to public transport, and is developing an AI-based infrastructure for the dynamic, synchronized and coordinated management of the traffic light network that facilitates the regulation of the various means of transport, including connected vehicles and autonomous vehicles.
In early December 2020, the infusion of the operations of Axilion into APIO Africa, a company listed on TASE, was completed. On January 7, 2021, the shares of the company entered the SME-60 and SME-150 indices under the veteran companies' fast-track entrance, and a month later, on February 7, 2021, they also joined the TA-90 index, which comprises companies with a total market cap of NIS 1.3 billion.
The board of directors of Axilion has recently approved the initiation of a process for the dual listing of the company's shares on Nasdaq.
Oran Dror, CEO and Chairman of Axilion Smart Mobility, said: "We have chosen the Israeli capital market as our venue for going public in order to increase public and civilian awareness to the availability of AI-based technology that creates a virtual replica of the road network of cities and states in the cloud. This technology, which operates on Microsoft infrastructure, has already enabled cities to cut back hundreds of thousands of tons in transport emissions every year, reduce traffic congestion and improve road safety in Israel and worldwide. Over the recent weeks and in the past few days we announced the signing of framework agreements with the National Transport Infrastructure Company and Ayalon Highways in Israel as well as several pilots in Europe and the United States. By listing on TASE, we can allow everyone to take part in the green and environmental revolution. We believe that joining TASE is crucial to the pioneering and innovation that are the driving force of Axilion and of high-tech in general. Axilion's AI Computer Vision and Reinforcement Learning AGI technology is based on multiple neural networks trained over tens of millions of video data hours. It is the result of dozens of man years in development by Israeli and Bulgarian engineers with extensive experience in leading U.S. global companies, and at times even overtakes academic endeavors in the field. The transition to AI has dramatically changed software development in recent years, with China and the United States in the lead, and we are grateful to the Innovation Authority for its support of Axilion over the years and to TASE for its dedication to the advancement of the high-tech sector and for welcoming Axilion with open arms into the Israeli capital market. The members of the company's board of directors come from all corners of the global high-tech industry, offering business and technological innovation in software and AI alongside extensive international experience in the development of successful global high-tech companies. Among the members of the board are Lauri Hanover, Danny Yamin, Eli Carmon, Uzi Navon and Kurt Hoppe."
Anat Geron, Listing Companies Compliance Unit Manager at TASE, said: "TASE, as home of the Israeli economy, congratulates Axilion on joining TASE's family of public companies and its growing High-Tech Sector. TASE is a substantial source of finance for the high-tech sector, and we are confident that more high-tech companies will be joining TASE in the coming months, allowing the public to partake in the success of Israel's impressive high-tech industry."
For more information please contact Liron Bruck, Head of Investor Relations, at [email protected], or +972-547-941-494
SOURCE Axilion Smart Mobility