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 on Monday.
Chipmaker Intel has bought Israeli public transit app maker Moovit for about $900 million (roughly Rs. 6,800 crores) to help it develop self-driving «robotaxis» that could take to the streets in early 2022, the company said on Monday.
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 price paid was nearly twice the $500 million (roughy Rs. 3,700 crores) valuation when Moovit last raised money in 2018. Intel owned about 7 percent of Moovit through a previous equity investment and paid about $840 million (roughly Rs. 6,300 crores) in cash to assume full ownership.
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.
