American tech giant Intel has acquired Israeli urban mobility start-up Moovit for approximately $900 million, the Silicon Valley chipmaker announced on Monday.
The addition of Ness Ziona-based Moovit, Intel said, will accelerate its plans to transform subsidiary Mobileye into a "complete mobility provider," including the launch of robotaxi services. Intel purchased Jerusalem-based Mobileye for $15.3b. in August 2017 - a record exit for an Israeli company to date.
“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 Intel CEO Bob Swan.
"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."
Founded in 2011 by Nir Erez, Roy Bick and Yaron Evron, the Moovit app and website assists individuals plan and navigate their way around urban areas, using all modes of available transportation. The company says it has served more than 800 million users in some 3,100 cities, spanning 102 countries in six continents.
In addition to its popular app, the company also provides analytics platforms to cities, transit authorities and businesses, enabling optimized planning and operations for residents and employees.
"Mobility is a basic human right, and as cities become more crowded, urban mobility becomes more difficult," said Erez, who serves as Moovit's chief executive. "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."
Intel has held a stake in Moovit since February 2018, when investment arm Intel Capital led a $50m. fundraising round in the company. Intel said the acquisition represents an additional $840m. investment.
Intel senior vice president and Mobileye CEO Prof. Amnon Shashua joined the company’s board of directors as an observer following the initial fundraising deal.
"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 Shashua.