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May 17, 2022

Coronavirus / Russia-Ukraine

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Intel buys Moovit and enters the world of autonomous vehicles

The computer giant "takes advantage" of Covid-19 to shop, and acquires Moovit. Intel now has a robust arsenal for the autonomous vehicle challenge.

Gianluca Ricciodi Gianluca Riccio
in Technology
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intel buys moovit
May 4, 2020
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Intel confirmed all rumors today about its acquisition of Moovit, the Israeli urban mobility startup, with a deal worth approximately $ 900 million.

Reports on the upcoming acquisition were published for the first time from the local Israeli newspaper Calcalist Sunday, and now on a press release Intel today confirmed the ongoing acquisition of Moovit with the aim of making its Mobileye project a “complete mobility provider”, including robotaxi services.

Climbing autonomous vehicles

The chip giant Intel already has experience acquiring Israeli startups. Just Mobileye is a project born from the acquisition of the homonymous startup for 15,3 billion dollars in 2018. Mobileye was a computerized vision company specialized in autonomous vehicles. And a few months ago, Intel paid another $ 2 billion for Habana Labs, which develops artificial intelligence and machine learning solutions. This latest acquisition is perhaps particularly noteworthy, given that Intel previously invested in Moovit through Intel Capital, its venture capital “rib”.

Let's talk a second at Moovit

Founded in 2012, Moovit is best known for its app used by 500 million people to cross a city using a combination of transportation options that includes augmented reality (AR) directions. The company has oriented its core business on the licensing of its platform through an offer of "mobility as a service". In practice, Moovit provides entities with data and analytics to improve urban transit infrastructure, while companies like TomTom and Microsoft offer real-time transportation data to include in their apps.

Moovit
New York: the AR-based “way finder” function

The timing of the Intel acquisition is remarkable, as it comes during a time of great uncertainty for companies like Moovit. The global pandemic has greatly reduced transportation, as people have stayed home. Moovit itself published data showing the impact of Covid-19 on the use of transport in major cities around the world, showing that in some areas it has decreased by 80%.

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Intel buys Moovit
Moovit's data show a drop in public transportation during COVID-19

It is unclear what role Covid-19 played in Moovit's decision to sell now. Now, under the wing of a tech giant like Intel, Moovit can care a little less about revenue in the coming months and years, and have time to adjust to the "new normal." A normality that could rely heavily on remote work.

tags: intelmoovitAutonomous vehicles
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