Samsung Acquires Israeli Smartphone Camera Developer Corephotonics for $155 Million
CTech – Samsung has signed a deal to acquire Tel Aviv-based smartphone camera company Corephotonics Ltd. on Sunday, according to the Israeli law firms representing both companies.
A Samsung representative declined Calcalist’s request for comment.
The deal is worth $155 million, one person familiar with the matter told Calcalist on condition of anonymity.
Calcalist first reported that the Korean electronics company was considering the acquisition earlier this month.
Samsung had been one of the leading investors in Corephotonics, having participated in two out of three of the company’s funding rounds. Founded in 2012 by optics and miniature digital cameras expert David Mendelovic, Corephotonics develops dual camera technologies designed to improve the performance of smartphone cameras. To date, the company raised $38 million, according to Pitchbook data.
In 2017, Corephotonics sued Apple for patent infringement of its smartphone camera technology. Corephotonics alleged that Apple adapted its patented dual aperture camera technology for mobile devices into the iPhone 7 Plus and iPhone 8 Plus without Corephotonics’ authorization.