Intel Purchases Israel’s Moovit Transit App for Nearly $1B

The popular Chip manufacturer Intel announced that it has bought Israeli public transit app developer Moovit for about $900 million to extend its portfolio of self-driving cars that could be a sight of the streets in early 2022. The transit app Moovit will stay independent while the app’s technology and the data it gathers from more than 800 million users in 100+ countries will be integrated into Intel’s Israel-based autonomous car unit, Mobileye. The price compensated was near twice the $500 million valuations when Moovit last raised money back in 2018.

Intel Purchases Israel’s Moovit Transit App for Nearly $1B

Mobileye CEO Amnon Shashua told Reuters.”Moovit is an acquisition that fills some very critical gaps that we have going forward,”. The primary goal, he told, was to create a small fleet of driverless taxis in states like Israel, France and South Korea.

Moovit is famous for assisting commuters or tourists find the best route to a destination by displaying them bus and train routes, bike paths and car-pooling options. Once it integrates with Mobileye, the app will be a platform to call autonomous taxis and the real-time data will guarantee the vehicles are deployed in high-demand regions.

Moovit has allocated $133 million from investors including Intel, BMW iVentures, and Sequoia Capital. Last month it started an emergency mobilization service, which was designed for transit agencies and enterprises during the Coronavirus pandemic.

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The technology offered by the app transforms vehicle fleets into an on-demand service to get important employees safely to work and has been executed in a bunch of cities by great corporations. Intel has made notable investments already in Israel, having obtained autonomous vehicle technology provider Mobileye for $15.3 billion in 2017. In December it bought Israeli artificial intelligence firm Habana Labs for $2 billion.