RealSense, the Israel-based maker of AI vision technology for robots spun out of US tech giant Intel, has inked an agreement to sell to US machine vision maker Cognex in a deal worth more than $600 million.

Under the terms of the agreement, Cognex, which makes machine vision products that help automate manufacturing, will acquire RealSense for $500 million in cash. In addition, Cognex will grant a $50 million stock option and incentive plan and provide a $56.5 million cash program to retain RealSense employees. At least 80 RealSense employees in Israel are set to receive more than NIS 1 million ($332 million) each as part of the $106.5 million stock, cash, and options compensation plan.

RealSense, a developer of advanced sensing cameras and vision technology for robotic systems, employs 180 people, of whom about 135 are stationed at its Haifa-based development center in Israel’s north.

The deal marks Cognex’s first acquisition in Israel. Following the completion of the transaction, RealSense’s Israeli operations and employees will serve as Cognex’s development center.

The deal comes 14 months after Intel spun off RealSense as an independent standalone company and retained a minority stake. RealSense started as an Intel research venture in 2014 to develop smart cameras that enable machines and devices to perceive the world in three dimensions. The technology was designed to allow robots and other automated systems to “see” and........

© The Times of Israel