Stocks fall as US-China tensions rise

Intel (INTC) has inked a nearly $900 million deal to acquire digital mobility firm Moovit in a bid to bolster its autonomous vehicle efforts, the companies said Monday.

Moovit is a Tel Aviv-based “mobility-as-a-service” startup founded in 2012. It provides route-mapping services using local public transit information and real time data from users in 103 countries and in 45 languages around the world.

For Intel, Moovit will provide a trove of transportation data — on transit systems, traffic patterns and user travel preferences — to support Intel’s autonomous vehicle division, Mobileye.Mobileye builds both hardware, such as front-facing cameras, and software like self-driving systems to enable autonomous vehicle capabilities.

Intel’s Mobileye is aiming to eventually provide robotaxi services, an area in which it could compete against offerings from Google’s (GOOGL) Waymo, Uber (UBER), Lyft (LYFT), Tesla (TSLA) and others.

Moovit’s CEO and co-founder Nir Erez will become an executive vice president at Mobileye.

Moovit’s massive global user base, proprietary transportation data, global editors community, strong partnerships with key transit and mobility ecosystem partners, and highly skilled team is what makes them a great investment,” Mobileye CEO Amnon Shashua said in a statement.

Loading

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow by Email
Pinterest
LinkedIn
Share