Intel pays $900 million for mobility app Moovit
Technology giant Intel is expanding its focus in Mobility as a Service with the acquisition of urban mobility application Moovit. Intel pays approximately $900 million for Moovit.
With this acquisition Intel says it wants to support its ADAS tech company Mobileye to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030. Already today Mobileye’s ADAS services are deployed on nearly 60 million vehicles with more than 25 automaker partners. Upon close, Moovit will join the Mobileye business while retaining its brand and existing partnerships.
What is Moovit?
Moovit is an application that offers multimodal trip planning by combining public transportation, micro-mobility services, ride-hailing, and car-sharing. The company, founded in Israel in 2012, has more than 800 million users and services in 3,100 cities across 102 countries. In the past 24 months, Moovit has achieved a seven-times increase in users. Moovit also provides traffic data to third parties — including Intel and Uber.
Data access is the new gold
With the acquisition of Moovit Intel increases once again its access to a massive amount of transportation data, after the acquisition of Mobileye for $15 billion a few years ago and more recently the acquisition of AI tech company Habana Labs for $2 billion.
“Intel’s purpose is to create world-changing technology that enriches the lives of every person on Earth, and our Mobileye team delivers on that purpose every day,” said Bob Swan, Intel CEO. “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.”
“We are excited to join forces with Mobileye and lead the future revolution of new mobility services,” said Nir Erez, Moovit co-founder and CEO. “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 the 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.”
“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,” said Professor Amnon Shashua, CEO of Mobileye. “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.”
Picture copyright: Intel, 2020.