Intel Corp. has expanded its Mobileye mobility-as-a-service (MaaS) platform by acquiring Moovit for about $900 million.
Moovit, a startup based in Tel Aviv, Israel, develops urban mobility apps that offer travelers around the world multimodal trip planning for public transportation, bicycles and scooter services as well as ride-hailing and car-sharing. Intel said the acquisition will bring Mobileye, which is an Intel company, closer to becoming a complete provider of robotaxi services.
Moovit has 800 million users and services in 3,100 cities across 102 countries and Mobileye’s advanced driver assistance systems (ADAS) has been deployed on nearly 60 million vehicles with more than 25 automaker partners. Intel said the market for ADAS, data and MaaS technologies represents a market opportunity for more than $230 billion by 2030.
"Intel's purpose is to create world-changing technology that enriches the lives of every person on Earth, and our Mobileye team delivers on that purpose every day," said Bob Swan, Intel CEO. "Mobileye's ADAS technology is already improving the safety of millions of cars on the road, and Moovit accelerates their ability to truly revolutionize transportation — reducing congestion and saving lives — as a full-stack mobility provider."
Since being acquired by Mobileye in 2017, the revenue from Moovit has more than doubled on the increased adoption of ADAS technology. The ADAS technology uses front-facing cameras and self-driving systems for self-driving shuttles and robotaxis as well as consumer autonomous vehicles (AVs). The acquisition of Moovit will advance the company’s MaaS strategy for global autonomous transportation market.
Juniper Research forecasts the total number of MaaS platform users will grow by more than fivefold by 2021 compared to 2019. This means more than 1.3 million users in 2021, despite the ongoing COVID-19 pandemic.