Intel Company Buys Moovit Transit App for $900 Million To Help Develop Robotaxis
Intel Company Buys Moovit Transit App For $900 Million To Help Develop Robotaxis
The Chipmaker Intel are bought Israeli public transit to app maker Moovit for about $900 million (roughly Rs. 6,800 crores) to help it to develop the self-driving "robotaxis" that could take to the streets in early 2022, the company said on Monday. The Moovit will remain independent while in its technology and the data it collects from more than 800 million users in 102 countries will be the integrated into Intel's Israel-based autonomous car unit Mobileye.
These price paid was nearly twice the $500 million (roughy Rs. 3,700 crores) valuation when Moovit last raised the money in 2018. The Intel owned about 7 percent of Moovit through a previous equity investment & paid about $840 million (roughly Rs. 6,300 crores) in cash to assume full ownership.
Deal Talk With Moovit
These deal talks started with the Moovit seeking to do a capital raise before the COVID-19 outbreak globally in according to a source familiar with the negotiations. The Moovit had enough cash to sustain itself for about a year & when the economic impact of the pandemic became evident, it decided to explore an outright sale to Intel in the source added. These deal was negotiated in 40 days through virtual meetings, according to the source.
The Moovit is an acquisition that fills some very critical gaps that its have going forward Mobileye CEO Amnon Shashua told Reuters. These initial goal, he said, was to a small fleet of driverless taxis in countries like Israel, France & South Korea.The Moovit is popular for helping commuters or tourists find the best way to a destination by the showing them bus & train routes, bike paths and car-pooling options. They integrated with Mobileye the app will be a platform to order the robotaxis and the real-time data will ensure the vehicles are deployed in high-demand areas Shashua said.
Intel Forecasts Robotaxis
The Intel forecasts robotaxis will be a $160 billion (roughly Rs. 12.09 lakh crores) market by 2030.These decision to buy now, when much of the world economy is at a standstill due to the coronavirus outbreak, stems from Mobileye's ability to more accurately predict when its technology will be ready, Shashua said. and they target is 2022.
The company like Intel which has a very orderly to plan of how the future should unfold, the COVID-19 should not be a setback. On these contrary, you should look at the crisis then find opportunities," Shashua said.The Moovit has raised $133 million (roughly Rs. 1,005 crores) from investors including Intel, BMW iVentures & Sequoia Capital. In The 2018 it raised $50 million (roughly Rs. 377crores) in an investment round led by Intel Capital.
Intel Company Investment
The Intel has made significant investments already in Israel its including its $15.3 billion (roughly Rs. 1.15 lakh crores) acquisition of the Mobileye in 2017. In The December it bought Israeli artificial intelligence firm Habana Labs for $2 billion (roughly Rs. 15,100 crores).