Tech News

Intel to buy Smart Urban Transit Start-up Moovit for $1B

The International Chip giant Intel is planning on buying Moovit, which is an Israel based mobility service provider and journey planning software. Moovit uses AI and big data to analyze traffic data and provide travel recommendations to its huge userbase of around 800 million people.

Intel has been backing Moovit via its capital funding and is likely to acquire the company for somewhere around $1 billion. Moovit will become part of Intel’s Israeli automotive hub, which is anchored by Mobileye, which Intel acquired for around $15 billion in 2017.

Moovit is a cross-platform mass transit app that is used to get navigation suggestions, it also integrates with the likes of Uber in its efforts to provide multi-modal routes for transportation.

Moovit is multi-platform having iOS, Android, and web apps to cater to around 120 million users worldwide. At the time of its last funding round the company was valued over $500 million.

Bringing talent from the company over to Intel would be a large incentive for this deal, as around 10% of the billion dollars used to acquire the company would be used for retaining employees. While the users of the app have drastically reduced due to the Worldwide Pandemic, the company continues to provide free support to people who still need to travel in these times, providing them updates on valid paths and suggesting routes.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen + three =

Back to top button
The Tech Infinite