comscore Intel to buy urban transit company Moovit for $1 billion | BGR India
News

Intel to buy urban transit company Moovit to boost autonomous driving experience

The acquisition of Moovit will help Intel boost its automated driving experience where it has a virtual lead with Mobileye.

  • Published: May 4, 2020 5:13 PM IST
Moovit Image Lead

Intel is set to acquire Moovit for reportedly $1 billion. The Israeli company has developed a public transport and mobility journey planner app. The acquisition should not come as a surprise since Intel Capital, the venture capital arm of Intel, is one of the shareholders in Moovit. Amnon Shashua, the founder of CEO of Mobileye, which Intel acquired for $15.3 billion in 2017, sits on the board of directors of Moovit. Also Read - Intel announces 10th generation Desktop Comet Lake-S CPUs as the world's fastest gaming processor

Israeli business daily Globes reported details of the possible acquisition first. The report also highlights that the deal has not yet been finalized. Moovit was founded in 2011 and Globes reports that it has raised $134 million so far. The urban mobility company has shareholders including Gemini, the Barkat brothers, BMW, Vintage, Sequoia and Waze founder Uri Levin. Levin also serves as chairman of the company. Also Read - Intel 10th gen H-Series CPU is official: A look at laptops from Asus, Razer, MSI, Lenovo, Acer and others

Intel looking to acquire Moovit

In February 2018, Intel Capital invested in the $50 million financing round of Moovit. At the time, cofounder and CEO Nir Erez said, “Moovit expects to surpass 1 billion users by 2021 and to significantly expand the number of cities that use Moovit’s data analytics to improve urban mobility. We are especially thrilled about our plans to collaborate with Mobileye. It’s a synergistic relationship at an exciting time to be shaping the future of urban mobility.” Also Read - Intel announces 10th gen Core H-Series CPU to take on AMD's Ryzen platform

If Intel goes ahead with the acquisition of Moovit, it will be the second major acquisition for the chipmaker in recent months in Israel. The Santa Clara, California headquarter semiconductor company had purchased chipmaker Habana Labs for $2 billion at the end of 2019. Intel said at the time of purchase that Habana Labs will remain an independent business unit and will be led by its current management team.

The acquisition of Moovit will help Intel strengthen its automated driving initiative. Intel is already in the driver’s seat with its Mobileye acquisition and the company is expected to become a backbone for the chipmaker’s future. With Moovit, Intel will also have a large amount of public transit data and analytics. This could be clubbed with mobileye to innovate transit experience with automated driving and management systems.

For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel.
  • Published Date: May 4, 2020 5:13 PM IST