Moovit CEO and Cofounder Nir Erez and Cofounder and operations chief Roy Bick.
Inte
Intel initially invested in Moovit in 2018. Its acquisition of the closely-held company, which provides trip-planning data from public transit agencies worldwide and bicycle, scooter, ridehailing and car-share services, is intended to complement the company’s Mobileye unit, purchased in 2017 for $15.3 billion, that makes sensors, software and other technologies for self-driving and advanced driver-assistance systems.
“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,” Intel CEO Bob Swan said in a statement.
(For more, see Moovit Is On A Mission To Speed Up The Bus Ride For Commuters Worldwide)
From its origins in 2012 as a provider of real-time arrival and departure data for bus and rail riders in Tel Aviv, Moovit has grown into a powerhouse providing commute-planning services for 800 million users in more than 3,000 cites and over 100 countries around the world. Cofounder and CEO Nir Erez, who cites Alphabet-owned Waze as an early inspiration for Moovit, has told Forbes that it’s the world’s most-downloaded transit app.
Moovit
Intel says the market for the types of mobility services Moovit provides along with Mobileye’s technology may reach $230 billion annually by 2030. By adding Moovit’s rich database to its existing transportation initiatives, Intel is positioning itself to better challenge Alphabet, which has invested heavily in mobility and transportation services for years, ranging from Google Maps and Waze to Waymo, the current leader is self-driving technology.
“Moovit is a strong brand trusted by hundreds of millions of people globally,” Amnon Shashua, Mobileye’s CEO, said in a statement. “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.”
Moovit, which has about 200 employees, will remain a brand name within Intel. It provides real-time information from transit operators and movement data from app users that helps commuters figure out the best route or transportation option. Moovit has also agreements with ride-sharing companies and bike and scooter firms that provide user analytics and routing data.
“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,” said Moovit’s Erez.
