Smart urban transit app Moovit to be acquired by Intel for $1bn?
Moovit was valued at over $500 million at the time of its last round of funding, but its valuation has grown tremendously in the last couple of years
Global chip-making giant Intel is negotiating a deal to acquire Moovit, an Israeli startup. Moovit applies Artificial Intelligence (AI) and big data analytics to monitor traffic and give transit recommendations, say media reports.
Expected to close in the coming days, the deal could be worth around $1 billion, TechCrunch reported on Sunday. Sources reveal that following the acquisition, Moovit could become part of Intel's Israeli automotive hub, which is anchored by the autonomous driving company Mobileye. Intel acquired Mobileye for $15.3 billion in 2017.
Moovit was valued at over $500 million at the time of its last round of funding, but its valuation has grown tremendously in the last couple of years.
It helps people to find the best route in the city and it also integrates its service with ride-hailing majors like Uber.
The talks of the deal comes at a time when widespread restrictions due to COVID-19 have impacted movement of people in view of the need to maintain social distancing.
Moovit's iOS, Android and Web apps are being used by over 800 million riders across 3,100 cities in 102 countries and 45 languages, according to the report.
However, the deal has not been confirmed by either of the companies. Moovit did not even deny it.
"At this time we have no comment, but if anything changes I'll definitely let you know," a Moovit spokesperson was quoted as saying.
*Edited from an IANS report