Continual goes public on the Israeli stock exchange
IPO issued at a value of NIS 60 million, and led by More Investment House and Phoenix Holdings
December 13, 2021
Continual, which has developed a solution for accurate real-time analysis and forecasting of mobile network performance on traffic routes (connected cars, mobile IoT, traveling subscribers), is going public on the Tel Aviv Stock Exchange. The company is issued at a value of NIS 60 million, led by institutional investors such as More, Phoenix, Meitav Dash and private investors such as Gadi Unger, Victor Tshuva and Ben Shach family. The company intends to raise NIS 20m following the offering, and plans to expand headcount and double its number of developers over the coming year.
The technology developed by Continual makes it possible to monitor connected devices in mobility. The company is focused on communications for smart mobility, including connected cars, electric vehicles, drones and – in the future – autonomous driving. The technology analyzes the communication experience delivered to the terminal devices by the mobile network, and can thus ensure continuous network coverage and quality on any road or highway – a requirement both for future autonomous transportation and for today’s ultimate user experience.
Fully commercialized and operational autonomous driving around the world will depend on the quality of mobile network service along the traffic routes. Connected, electric and autonomous vehicles generate massive volumes of data, and demand a high quality mobile connection in order to provide the essential information services for the journey and for the transfer of data to the cloud and network edge, as well as for remote tele-operation services (remote control) to enable autonomous driving capability.
Until recently, no economically viable or physically effective solution has existed for mapping and real-time optimization of network quality across the various transportation routes. The traditional measurement method was to drive test vehicles that would scan the roads. This means the network would only be measured in certain places, and not on a continuous basis. In a country like Germany, for example, less than 10% of roads are monitored by drive test cars, and then only on a sample basis.
Continual’s system solves this complex problem by turning all subscribers and connected devices into “test vehicles”, allowing visualization of all traffic routes in just 24 hours, with real-time up-to-date information. The system is currently in use by mobile operators, and can also provide insights for car manufacturers, insurance companies, smart cities and more.
To date, the company has signed commercial contracts with the Vodafone Group (global) and the second largest US mobile operator.
The controlling shareholders in the company are Phoenix (6%), More (15%), IBEX (35%) (the largest investor in the Glassbox company traded on the Tel Aviv Stock Exchange).
Greg (Giora) Snipper, CEO of Continual: “We are excited to announce this significant step in the execution of the company’s vision, based on the potential of future autonomous vehicles, and the current need for excellent, continuous communication experience on-the-move. The IPO and capital raise will allow us to continue to expand, and help mobile operators to maximize the quality of communication on the traffic routes, and thus improve the quality of life for millions of subscribers around the world”.
Continual was founded in 2014 by Greg (Giora) Snipper, the company’s CEO, and Omer Geva, chairman of the board, responsible for strategy and investor relations, with co-founders Jose Cohenca and Shmuel Morad. The company has offices located in Israel and employs about 20 people. The company’s key customers include Tier-1 communication providers such as the Vodafone Group, as well as a leading U.S communications company, Oi Brazil and more.