Intel buys urban mobility platform Moovit for $900 million2020-05-04 13:51 by DanielaTags: Intel, Moovit
Intel is reportedly planning to acquire Israeli smart urban transit startup Moovit for $1 billion in a move that would likely boost the chipmaker's automotive technology ambitions. Moovit's core service includes providing real-time traffic data and intelligent routing. The firm's Moovit software is a mobile travel planning application available on Android and iOS. The app can be used to plan journeys on public transport in over 3000 cities and offers maps, timetables, live directions, and alerts to disruption reported by users. The app is used by over 775 million users in countries including the UK, India, and Singapore. Moovit was founded in 2011 and has raised $134 million. Shareholders include Gemini, the Barkat brothers BRM, Vintage, Sequoia and Waze founder Uri Levin, who also serves as Moovit's chairman. Chip giant Intel has a recent track record of acquiring Israeli startups. Just a few months back it paid around $2 billion for Habana Labs, which develops programmable AI and machine learning accelerators for datacenters. But back in 2017, Intel doled out an eye-popping $15.3 billion for Mobileye, a computer vision firm specializing in autonomous cars. Mobileye's advanced driver-assistance systems (ADAS) are currently used in 60 million vehicles, and as the technology moves further toward full autonomy, Moovit's arsenal of data will help Mobileye turn on "cost- and demand-optimized driverless" car services. Read more -here-
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