Intel reportedly acquiring smart transit startup Moovit for $1 billion

Intel is reportedly close to acquiring Moovit, which is an Israel-based startup that uses AI and data analytics to track traffic and provide transit insights.

TechCrunch reports that the deal is expected to close in the next few days for around $1 billion USD (about $1.4 billion CAD).

The deal would reportedly combine Moovit into Intel’s Israeli automotive hub and advance its self-driving strategy. Although it’s not clear what Moovit would do in that space, its traffic data and intelligent routing would help advance autonomous vehicles services.

Moovit’s data analytics would be useful for driverless vehicles that need to understand live traffic to determine the more efficient routes.

The company has also reported significant recent growth in the past few years. In 2018, Moovit reported that its apps were used by 120 million people around the world in 2,000 cities and 80 countries. Now in 2020, that number has increased to 800 million people in 3,100 cities in 102 countries.

Nothing has been confirmed about the acquisition yet, but sources say that Intel is expected to make an announcement soon.

Source: TechCrunch