Moovit, the Israeli transit app, has announced that they have received a $50 million investment from Intel, the popular computer parts manufacturer.
More than a half-dozen existing backers contributed as well. Among the participants were Sequoia Capital, BMW iVentures and Ashton Kutcher’s Sound Ventures.
Moovit’s massive installed base isn’t the only factor that helped it secure the new investment. There’s also the fact that the users who rely on the app to plan their urban travel routes collectively generate more than 1 billion “movement data points” per day about buses, trains and other forms of public transport in 2,000 cities worldwide. Moovit started monetizing the information last year with a suite of analytics services geared toward municipal planners looking to improve travel experiences.
Intel may be looking to put the startup’s data to use as well. As part of the investment, Moovit is set to launch a collaboration with Mobileye, the autonomous driving company that the chipmaker acquired last March for $15.3 billion.
Read more here
Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is INNOVATION and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.