Mar 14, 2017 03:42 PM EDT By Ava Jones, UniversityHerald Reporter

Intel acquired autonomous driving tech company Mobileye in a $15.3 million deal in an attempt to overtake Google and Uber in the driverless cars market. Google and Uber has been developing and testing driverless car technologies. However, Intel is bringing the technology to a whole new level by improving what's under the hood.

The amount involved makes the deal the biggest acquisition on an Israeli tech company to date, New York Times reported. Mobileye is an Israeli tech company that develops cameras and sensors for autonomous vehicles. Intel acquired Mobileye for $63.54 per share.

Google and Uber have invested billions of dollars to penetrate the driverless cars. These giant tech companies have signed partnership with big automakers like Volvo and Chrysler. They have also commenced road testing for their driverless vehicles.

Google and Uber has spent that big of an amount to lead the market, which is considered to be worth $25 billion a year by 2025. Since it has been experiencing some problems with its computer business, it is just fitting for Intel to dive into the autonomous car market. The latest and most powerful microchips are needed to bring the driverless car technologies to life, making Intel a perfect fit.

Mobileye is presently developing technologies such as front- and rear-facing camera, mapping, fusion, crowdsourcing data capabilities, and driving policy computing intelligence for better driving decisions, Tech Crunch reported. This deal brings Intel more pieces for driverless cars and more relationships with auto companies. Mobileye CTO and co-founder Amnon Shahua said they are partners with 27 carmakers, including projects with BMW, Audi, and other car companies.

Intel CEO Brian Krzanich said that Intel has the technologies needed for autonomous driving like plotting the path and making real-time decisions for driving. He said that the acquisition will enhance the performance fo cloud-to-car technology at a lower price for auto companies.

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