Moovit was founded in 2012 as a mobility-as-a-service provider, a trip planner combining information from public transit authorities with live data from users of mobility services to offer people the fastest option to get where they are going, in real-time
Fremont, CA: Processor manufacturer Intel Corp. has purchased Israeli startup Moovit for USD 900 million as the tech giant ventures into providing futuristic transportation services. With this acquisition, Intel has sensor manufacturer Mobileye and data mobility platform Moovit under its roof, making it viable for collaboration into autonomous vehicle technology. Mobileye, another Israeli startup, was purchased by Intel in 2017 for USD 15.3 million. Intel intends to use Moovit’s proprietary data to improve sensors and algorithms being developed by Mobileye.
Moovit was founded in 2012 as a mobility-as-a-service provider, a trip planner combining information from public transit authorities with live data from users of mobility services to offer people the fastest option to get where they are going, in real-time. It suggests a combination of alternatives like public transportation, bicycle and scooter services, ride-hailing, and car-sharing, depending on traffic and availability. Intel had initially invested in Moovit in 2018. Post-acquisition, the company will remain a brand name within the Intel Corp.
“Mobileye’s ADAS technology is already improving the safety of millions of cars on the road, and Moovit accelerates their ability to truly revolutionize transportation–reducing congestion and saving lives–as a full-stack mobility provider,” said Intel CEO Bob Swan. Since its inception in 2018, Moovit has grown into a powerhouse that provides commute planning services to 800 million users in over 3,000 cities across more than 100 countries. According to Moovit co-founder and CEO Nir Erez, Moovit is the most downloaded transit app.
“Moovit is a strong brand trusted by hundreds of millions of people globally,” Amnon Shashua, Mobileye’s CEO, said in a statement. “Together, with Mobileye’s extensive capabilities in mapping and self-driving technology, we will be able to accelerate our timeline to transform the future of mobility.” According to Intel's expectations, the market for the kinds of mobility services provided by Moovit, along with Mobileye's technology could reach USD 230 billion annually by 2030. By incorporating Moovit's rich database to its existing transportation initiatives, Intel is positioning itself to better challenge Alphabet, which has invested heavily in mobility and transportation services for years, ranging from Google Maps and Waze to Waymo.