Intel reported some pretty positive results from its data-centric and PC-centric (CCG) businesses in the first quarter. The tech giant is targeting further data-centric opportunities, shoring up its own urban mobility platform, Mobileye, with the $900 million acquisition of intelligent public transit app Moovit. (See People inside gives Intel a boost.)
Describing itself as a mobility-as-a-service (MaaS) provider, Moovit was founded in 2012, and has gone through several funding rounds, the latest taking place in early 2018 when Intel Capital was the lead investor. At the time, Amnon Shashua, senior vice president of Intel and CEO of Mobileye, joined Moovit's board as observer.
Intel clearly liked what it saw at Moovit, and has now decided to buy and integrate the platform with Mobileye, which it acquired in 2017. The Moovit brand is to be retained, and like Mobileye the company will remain an independent subsidiary within Intel. The tech giant's aim is to "become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030."
Intel said Mobileye will be able to use Moovit's large proprietary transportation dataset to optimize predictive technologies based on customer demand and traffic patterns, as well as tap into the company's transit data repository of more than 7,500 key transit agencies and operators.
Moovit said it has 800 million users and provides services in 3,100 cities across 102 countries. Mobileye, meanwhile, has deployed advanced driver-assistance systems (ADAS) on nearly 60 million vehicles with more than 25 automaker partners. Intel cited a forecast that said ADAS, data and MaaS technologies together represent a market opportunity of more than $230 billion by 2030.
Shashua said the acquisition of Moovit has enabled Intel to add another critical piece to the Intel "mobility stack."
"Beyond the obvious value of Moovit's data and user base, the company owns underlying assets, capabilities and a partners network that will enable us to turn on affordable and demand-optimized driverless mobility services almost anywhere in the world," he said.
- Nokia Growth Partners leads $50M round for Moovit
- Intel pivots to data-centric future
- Intel, Mobileye $15.3B deal has cloud under the hood
- Intel reports $17B in Q2 revenue, up 15% YoY
— Anne Morris, contributing editor, special to Light Reading