Moovit Raises $50 Million Led by Intel Capital to Expand its Global Urban Mobility Operating System

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Moovit App Global Ltd. (“Moovit”), a leader in urban mobility and the developer of the world’s #1 transit app, announced that it has closed a $50 million Series D round led by Intel Capital. All Moovit’s earlier investors participated, including Sequoia, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage, and newcomer Hanaco.

Moovit’s free app provides comprehensive transit information to more than 120 million users in more than 2,000 cities in 80 countries. The company has amassed the world’s largest repository of transit data and generates more than one billion movement data points a day. Moovit shaped its data into the Smart Transit Suite to help municipalities and transit operators better manage their networks.

Professor Amnon Shashua, Senior Vice President of Intel and CEO / CTO of Mobileye, will join Moovit’s Board of Directors as an observer.

Moovit Co-founder and CEO Nir Erez said the company will use the funds to continue its mission to be part of every urban mobility trip. This includes expanding its global sales team,enhancing its consumer products to support user growth, and investing in its Mobility as a Service (MaaS) platform.

“Moovit expects to surpass 1 billion users by 2021 and to expand significantly the number of cities that use Moovit’s data analytics to improve urban mobility,” Erez said. “We are especially thrilled about our plans to collaborate with Mobileye. It’s a synergistic relationship at an exciting time to be shaping the future of urban mobility.”

“With significant investments in automated driving, mobility management platforms and smart infrastructure, Intel is at the forefront of a fundamental transformation of urban mobility,” Shashua said. “We’re working with some of the most innovative transit companies,municipalities and transit authorities to build critical foundational technologies for this transformation.”

“Moovit is one of the world’s leaders in public transit data and analytics,” Shashua continued. “The combination of Mobileye’s and Moovit’s technology and data will be instrumental in making cities ready for autonomous vehicles.”

The infusion of capital brings to $133 million the total raised by Moovit.

About Moovit

Moovit is the world’s largest transit data and analytics company and the #1 transit app. Moovit simplifies your urban mobility all around the world, making getting around town via transit easier and more convenient. By combining information from public transit operators and authorities with live information from the user community, Moovit offers travelers a real-time picture, including the best route for the journey. Named Best Local App by Google in 2016 and one of Apple’s Best Apps of 2017, Moovit launched in 2012 and surpassed 120 million users in five years.

Moovit amasses one billion anonymous data points a day to add to the world’s largest repository of transit data. The data gathering is aided by Moovit’s network of more than 250,000 local editors called “Mooviters.” These passionate users help map and maintain local transit information in cities that would otherwise be unserved. Mooviters account for 65 percent of the hundreds of cities Moovit opens every year and make Moovit the Wikipedia of Transit.

Moovit is an early pioneer of Mobility as a Service (MaaS). The company helps people change the way they consume mobility by fully integrating other forms of transport, such as local bicycle services, into its app. In 2017 Moovit launched its Smart Transit Suite of products to help cities, governments and transit operators improve urban mobility in their cities.

Moovit is available for free on iOS, Android and the Web in more than 2,000 cities, across 80 countries, and can be used in 44 languages. More than 100 cities and global events, including Rio de Janeiro for the 2016 Olympics, have made Moovit their official transit app.

About Intel Capital

Intel Capital invests in innovative startups targeting artificial intelligence, autonomous driving,workload accelerators, 5G connectivity, merged reality and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.2 billion in 1,520 companies worldwide, and more than 650 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000.

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BMW announces partnership with Intel and Mobileye to help develop autonomous technology in its cars

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BMW has been developing autonomous car tech for the past several years, most of which can now be seen on the current-gen 7-series sedan. But now, the German automotive marque has decided to develop a fully-autonomous vehicle, which will be introduced by the year 2021. In order to achieve this goal, BMW has joined hands with the artificial intelligence and IT service provider – Intel, and an autonomous monitoring system development company – Mobileye.

BMW has chalked-out a multi-stage plan in the journey to develop a fully-autonomous vehicle. The automaker, along with Intel and Mobileye, will be working on different levels of vehicular automation. Under Level 3, the driver would be able to give the driving control to the car in certain situations, like while driving on the highways. Level 4 will include the car taking control in extreme weather conditions, while Level 5 will handle all autonomous functions, which include drop-off, pick-up and self-parking capabilities without any driver intervention.

BMW plans to earn most of their revenue by offering rides in these autonomous vehicles, rather than selling the cars to individuals. The company also hopes to establish an open platform for the autonomous vehicle technology, so that other manufacturers can use BMW’s learnings and technologies to build their own cars.

Source: ZigWheels