Intel buys another Israeli startup for €832M to become a complete mobility provider

Based out of Ness Ziona, Israel, Moovit is known for its urban mobility application that offers travelers around the world the best multimodal trip planning by combining public transportation, bicycle, and scooter services, ride-hailing, and car-sharing.

Recently, Intel Corporation announced that it has acquired Moovit for approximately $900 million (approx €832 million) ($840 million net of Intel Capital equity gain). 

Why this acquisition?

According to Intel, this acquisition of Moovit brings the company closer to achieving its plan to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030.

Bob Swan, Intel CEO, said:

“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.”

In the past 24 months, Moovit has achieved a seven-times increase in users. The Israeli startup has also signed strategic partnership agreements with major ride-sharing operators and mobility ecosystem companies for analytics, routing, optimization, and operations for MaaS. 

With this acquisition, Mobileye will be able to use Moovit’s large proprietary transportation dataset to optimise predictive technologies based on customer demand and traffic patterns. 

Additionally, the platform can also tap into Moovit’s transit data repository of more than 7,500 key transit agencies and operators, and improve the consumer experience for more than 800 million users worldwide.

Mobileye, an Intel company!

Mobileye is yet another Israeli startup acquired by Intel back in 2017 for a massive $15.3 billion. The company specialises in developing vision-based advanced driver assistance systems that help prevent and mitigate collisions. 

At present, Mobileye is the leading automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on nearly 60 million vehicles with more than 25 automaker partners.

Professor Amnon Shashua, CEO of Mobileye, said:

“Moovit’s massive global user base, proprietary transportation data, global editors community, strong partnerships with key transit and mobility ecosystem partners, and highly skilled team is what makes them a great investment. Moovit is a strong brand trusted by hundreds of millions of people globally. 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.”

By working together as part of Intel and Mobileye, Moovit will advance the company’s MaaS strategy and the global adoption of autonomous transportation.

It’s worth mentioning that, Moovit will now join the Mobileye business while retaining its brand and existing partnerships. On top of that, Moovit’s consumer applications and user experience will continue under its own brand as well. 

Investing and expanding to serve data-rich market!

Moreover, Intel is investing and expanding to serve new data-rich market opportunities, including the fast-growing market for ADAS, data, and MaaS technologies, which together represent an opportunity totaling more than $230 billion by 2030. 

Moovit!

Founded in 2012 in Tel Aviv by Nir Erez, Roy Bick, and Yaron Evron, Moovit combines information from public transit operators and authorities with live information from the user community to offer travelers a real-time picture of the best route for their journey.

Moovit has established its leadership in the MaaS space with more than 800 million users and services in 3,100 cities across 102 countries.

Nir Erez, Moovit co-founder, and CEO said:

“We are excited to join forces with Mobileye and lead the future revolution of new mobility services. Mobility is a basic human right, and as cities become more crowded, urban mobility becomes more difficult. Combining the daily mobility habits and needs of millions of Moovit users with state-of-the-art, safe, affordable, and eco-friendly transportation enabled by self-driving vehicles, we will be able to make cities better places to live in. We share this vision and look forward to making it a reality as part of Mobileye.”

Main image credits: Moovit

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