According to various reports, Chip Giant Intel will buy Tranist Startup Moovit, which uses Artificial Intelligence and Big Data to provide Transit recommendations. Though nothing has been announced officially, the deal is supposed to be worth around $1 Billion mark.
The Startup will eventually become a part of Intel’s Israeli automotive hub. The Israeli automotive hub is led by Mobileye. Mobileye is also an autonomous driving company that was acquired by Intel for $15.3 billion in 2017. In 2017, Moveit was valued for $500 Million but with inreasing popularity in the last two years its valuation has grown substantially.
Moveit provides standalone app that allows people to navigate around cities using the best possible route. Currently, more than 800 Million users in over 102 countries use Moveit apps.
According to sources, Intel had already invested in this Startup. Other investors in the earlier rounds included NGP Capital, BMW, Sound Ventures, Gemini Israel and Sequoia Israel.
During the global lockdown, Moovit launched various Covid-19 specific services for its users who were involved in emergency services. Recently, it launched an “emergency mobilization on-demand” service. This service lets transportation managers deploy buses on routes that are used by essential workers who are using public transport.
