Intel may be a major player in the chip sector, but it could be a bigger player in the smart mobility sector soon taking on the likes of Uber and Lyft, as the company has just acquired Israel-based urban transit data startup Moovit for $900 million, the firm announced on Monday.
Moovit’s principal product is an urban mobility app with a particular focus on public transportation, which is used by hundreds of millions of customers. It uses public transit data to provide route planning in a similar vein to Google and Apple’s mapping apps, scooter and bike-sharing services and ride-hailing companies like Uber and Lyft. However, because it relies partly on crowdsourced data, Moovit can also provide routing for areas where no publicly released data is available and is able to get updates sooner than these other companies may be able to, even if they’re not always as accurate.
Moovit may be considered a startup, but it was already growing quite nicely with the app reportedly used by 800 million customers around the world and servicing 3,100 cities across 102 countries. Intel says its acquisition of Moovit brings it closer to achieving its plan to “become a complete mobility provider, including robo-taxi services, which is forecast to be an estimated $160 billion opportunity by 2030.”
This is not Intel’s first acquisition in this sector with the company previously purchasing Mobileye, another Israel-based startup that specialises in chips for camera-based autonomous vehicles. The company is looking to bring these two new companies together to consolidate their market offerings as Bob Swan, Intel CEO reveals:
Mobileye’s ADAS technology is already improving the safety of millions of cars on the road and Moovit accelerates their ability to truly revolutionize transportation – reducing congestion and saving lives – as a full-stack mobility provider.
It will still take a while for Intel to take advantage of this acquisition, but if it plays it cards right, they could definitely become a disruptive new force in this market.
Last Updated: May 6, 2020