Joining Intel and its Israeli subsidiary Mobileye, Moovit will advance Mobility-as-a-Service and the global adoption of autonomous transportation.
By Abigail Klein Leichman, ISRAEL21c
Intel Corporation announced its acquisition of Israeli company Moovit for approximately $900 million.
Millions of commuters in 3,100 cities across 102 countries use Moovit’s urban mobility application for planning trips via public transportation, bicycle and scooter services, ride-hailing, and car-sharing.
The addition of Moovit brings Intel’s Mobileye – a Jerusalem-based company acquired for $15.3 billion in 2017 — closer to becoming a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030.
Mobileye makes advanced driver-assistance systems (ADAS) deployed on nearly 60 million vehicles from more than 25 automakers. Upon closure of the acquisition deal announced May 4, Moovit will join Mobileye while retaining its own brand, app, and existing partnerships.
“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 Bob Swan, Intel CEO.
Mobileye will use Moovit’s large proprietary transportation dataset to optimize predictive technologies based on customer demand and traffic patterns, as well as tap into Moovit’s transit data repository of more than 7,500 key transit agencies and operators.
“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 Amnon Shashua, CEO of Mobileye.
The deal is the latest in a string of lucrative M&As and funding rounds for Israeli companies so far this year, despite the coronavirus pandemic. The Globes financial daily reports that Israeli startups raised nearly $1 billion in April alone.
Moovit was founded in 2012 and is based in Tel Aviv. CEO and cofounder Nir Erez will join Mobileye as an executive vice president.
“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,” Erez said.
HELP ISRAELIS BATTLE CORONA!
Donate to the Corona Emergency Relief Fund. Coronavirus has taken a huge toll on the people of Israel. The poor, elderly and ill are most vulnerable.
Israeli soldiers, security officers and medical care providers operate under great danger and risk to life.