Intel Acquires Israeli Startup Moovit for $1 Billion
Moovit has developed a public transport journey planner and mobility app.
Intel Corp. has acquired Israeli startup Moovit for approximately $900 million. Moovit has developed an 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.
This is the second major acquisition in Israel by Intel in recent months after it purchased chipmaker Habana Labs for $2 billion at the end of 2019.
By adding Moovit Intel’s Mobileye wants to achieve its plan to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030.
Amnon Shashua, the cofounder and CEO of Mobileye, an Israeli company that was acquired in 2017 by Intel for $15.3 billion, sits on the board of directors of Moovit. Since 2017, Mobileye revenues have more than doubled on the increased adoption of ADAS based on Mobileye’s industry-leading technology.
Founded in 2011 Moovit has raised $134 million. Investors include Waze founder Uri Levin, who also serves as Moovit’s chairman, Gemini, the Barkat brothers BRM, Vintage, and Sequoia. Intel Capital invested in Moovit’s $50 million financings round in 2018.
Read more about: Intel Corp, Israeli Startups, Moovit