Cipia Vision is embracing a plan to streamline operations and reduce expenses. As part of the exercise, the Israel-based auto tech firm, that provides in-cabin sensing solutions for the automotive industry, has decided to let go 50 per cent of its employees. There is talk of terminating the contracts of several officers.
To help with the financial situation, the directors have offered to not draw salaries till the end of 2025. However, the external and independent directors will continue to be paid the minimum salary for directors in accordance with the law.
It wasn’t long ago, in 2021 that the company had managed to raise funds to the tune of NIS 68 million at a valuation of NIS 354 million. However, since then, the company seems to have lost 93 per cent of its market cap.
In a notification to the Tel Aviv Stock Exchange or TASE, Cipia Vision has conveyed that the company is looking at streamlining its operations so that it can continue to run. The company has reportedly decided to operate with the prevailing customer base and also on strategic projects, provided its finances are able to support the same.
It is reported that Cipia is still trying to raise funds for the ongoing work and will look at ways to stabilise the situation further.
The company is developing monitoring software for monitoring the behaviour of drivers and provide updates if the drivers seem tired or distracted.
