Intel to buy smart urban transit startup Moovit for $1B to boost its autonomous car division – TechCrunch

Intel to buy smart urban transit startup Moovit for $1B to boost its autonomous car division – TechCrunch

Some big M&A is afoot in Israel in the world of smart transportation. According to multiple reports and sources that have contacted TechCrunch, chip giant Intel is in the final stages of a deal to acquire Moovit, a startup that applies AI and big data analytics to track traffic and provide transit recommendations to some 800 million people globally. The deal is expected to close in the coming days at a price believed to be in the region of $1 billion.

We have contacted Nir Erez, the founder and CEO of Moovit, as well as Intel spokespeople for a comment on the reports and will update this story as we learn more. For now, Moovit’s spokesperson has not denied the reports and what we have been told directly.

“At this time we have no comment, but if anything changes I’ll definitely let you know,” Moovit’s spokesperson.

Sources tell TechCrunch that the startup — which had previously been backed by Intel Capital in a strategic investment — will become part of Intel’s Israeli automotive hub, which is anchored by Mobileye, the autonomous driving company that Intel acquired for $15.3 billion in 2017.

It’s not clear yet what Moovit would be doing in that hub, but as a rule, ingesting and actioning reliable, real-time traffic data and intelligent routing — the crux of what Moovit does — are some of the most
Source…