You like to Moovit? Intel snaps up Israeli mobility startup for rumoured $1bn as part of expensive mobility push

Autonomous cars: hardware helps but you can't beat data


Intel is being linked with the takeover of Israeli public transit startup Moovit for a cool $1bn, in order to beef up its portfolio in the mobility and transportation markets.

Talk of the Chipzilla deal began circulating on Sunday - the start of the Israeli working week. According to local Hebrew-language business paper The Marker, both firms have been in negotiations for six months.

"Being part of Intel, Mobileye, and the broader Intel family will allow us to offer new and innovative solutions for the benefit of citizens and cities, accelerate our joint plans to bring Mobility-as-a-Service to every city and citizen around the world," said Moovit's CEO Nir Erez on Monday.

"To emphasize how strategic this transaction is to Intel and Mobileye, I will be appointed as an Executive Vice President at Mobileye and a VP at Intel Corp, while keeping my role as Moovit CEO."

The deal has many of the elements of an acqui-hire, with 10 per cent of the purchase price to be shared amongst its employees as a retention package. Moovit's website claims it has over 210 employees, with the bulk located in its headquarters, based in the small city of Ness Ziona, on the outskirts of Tel Aviv.

Moovit also has smaller satellite offices, including ones in San Francisco, Rio de Janeiro, London, Sydney, and Istanbul.

Founded in 2012, Moovit has created an app that provides public transportation data to users, based on information obtained from providers themselves, as well as crowdsourced intelligence. It also licenses its data to third parties, including Uber and Lyft, Waze, and Microsoft.

So far, Moovit has received over $131.5m in funding. Its last round — a series D led by Intel Capital — was in 2018, and saw the company raise $50m for a valuation north of $500m.

This wouldn't be Intel's first foray into the transportation sector. In 2017, it acquired Mobileye, a startup that builds tech for self-driving cars, for $15.3bn. This was, and remains, the largest purchase in Israeli startup history.

Moovit's product gives a broader picture of a city's transportation, providing real-time information on buses and trams to the user. Mobileye is focused on the here-and-now, with chips and algorithms that are intended to avoid collisions and direct vehicles through dense traffic.

All car sales, including those of an autonomous flavour, are suffering in the current climate, but Intel is looking toward calmer years when the crisis may be but a distant memory. ®

Similar topics


Other stories you might like

  • North Korea pulled in $400m in cryptocurrency heists last year – report

    Plus: FIFA 22 players lose their identity and Texas gets phony QR codes

    In brief Thieves operating for the North Korean government made off with almost $400m in digicash last year in a concerted attack to steal and launder as much currency as they could.

    A report from blockchain biz Chainalysis found that attackers were going after investment houses and currency exchanges in a bid to purloin funds and send them back to the Glorious Leader's coffers. They then use mixing software to make masses of micropayments to new wallets, before consolidating them all again into a new account and moving the funds.

    Bitcoin used to be a top target but Ether is now the most stolen currency, say the researchers, accounting for 58 per cent of the funds filched. Bitcoin accounted for just 20 per cent, a fall of more than 50 per cent since 2019 - although part of the reason might be that they are now so valuable people are taking more care with them.

    Continue reading
  • Tesla Full Self-Driving videos prompt California's DMV to rethink policy on accidents

    Plus: AI systems can identify different chess players by their moves and more

    In brief California’s Department of Motor Vehicles said it’s “revisiting” its opinion of whether Tesla’s so-called Full Self-Driving feature needs more oversight after a series of videos demonstrate how the technology can be dangerous.

    “Recent software updates, videos showing dangerous use of that technology, open investigations by the National Highway Traffic Safety Administration, and the opinions of other experts in this space,” have made the DMV think twice about Tesla, according to a letter sent to California’s Senator Lena Gonzalez (D-Long Beach), chair of the Senate’s transportation committee, and first reported by the LA Times.

    Tesla isn’t required to report the number of crashes to California’s DMV unlike other self-driving car companies like Waymo or Cruise because it operates at lower levels of autonomy and requires human supervision. But that may change after videos like drivers having to take over to avoid accidentally swerving into pedestrians crossing the road or failing to detect a truck in the middle of the road continue circulating.

    Continue reading
  • Alien life on Super-Earth can survive longer than us due to long-lasting protection from cosmic rays

    Laser experiments show their magnetic fields shielding their surfaces from radiation last longer

    Life on Super-Earths may have more time to develop and evolve, thanks to their long-lasting magnetic fields protecting them against harmful cosmic rays, according to new research published in Science.

    Space is a hazardous environment. Streams of charged particles traveling at very close to the speed of light, ejected from stars and distant galaxies, bombard planets. The intense radiation can strip atmospheres and cause oceans on planetary surfaces to dry up over time, leaving them arid and incapable of supporting habitable life. Cosmic rays, however, are deflected away from Earth, however, since it’s shielded by its magnetic field.

    Now, a team of researchers led by the Lawrence Livermore National Laboratory (LLNL) believe that Super-Earths - planets that are more massive than Earth but less than Neptune - may have magnetic fields too. Their defensive bubbles, in fact, are estimated to stay intact for longer than the one around Earth, meaning life on their surfaces will have more time to develop and survive.

    Continue reading

Biting the hand that feeds IT © 1998–2022