Intel Buys Moovit Transit App For $900 Million To Help Develop Robotaxis
Chipmaker Intel has bought Israeli public transit app maker Moovit for about $900 million to help it develop self-driving "robotaxis" that could take to the streets in early 2022, the company said. From a report: Moovit will remain independent while its technology and the data it collects from more than 800 million users in 102 countries will be integrated into Intel's Israel-based autonomous car unit Mobileye. The deal talks started with Moovit seeking to do a capital raise before the novel coronavirus outbreak globally, according to a source familiar with the negotiations. Moovit had enough cash to sustain itself for about a year, and when the economic impact of the pandemic became evident, it decided to explore an outright sale to Intel, the source added. The deal was negotiated in 40 days through virtual meetings, according to the source.
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