Israeli urban mobility co Moovit raises $50m

Moovit Photo: PR

Intel Capital led the financing round and Prof. Amnon Shashua will join the board as the Tel Aviv based company teams with Mobileye.

Israeli urban mobility transit data app co Moovit App Global Ltd. today announced it has closed a $50 million Series D round led by Intel Capital. All Moovit’s earlier investors participated, including Sequoia, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage, and newcomer Hanaco. With this latest financing round, the Tel Aviv based company has raised $133 million to date.

Moovit’s free app provides comprehensive transit information to more than 120 million users in more than 2,000 cities in 80 countries. The company has amassed the world’s largest repository of transit data and generates more than one billion movement data points a day. Moovit has shaped its data into the Smart Transit Suite to help municipalities and transit operators better manage their networks.

Prof. Amnon Shashua, Senior Vice President of Intel and CEO / CTO of Mobileye, will join Moovit’s Board of Directors as an observer.

Moovit cofounder and CEO Nir Erez said the company will use the funds to continue its mission to be part of every urban mobility trip. This includes expanding its global sales team, enhancing its consumer products to support user growth, and investing in its Mobility as a Service (MaaS) platform.

Erez said, “Moovit expects to surpass 1 billion users by 2021 and to expand significantly the number of cities that use Moovit’s data analytics to improve urban mobility. We are especially thrilled about our plans to collaborate with Mobileye. It’s a synergistic relationship at an exciting time to be shaping the future of urban mobility.”

Shashua said, “With significant investments in automated driving, mobility management platforms and smart infrastructure, Intel is at the forefront of a fundamental transformation of urban mobility. We’re working with some of the most innovative transit companies, municipalities and transit authorities to build critical foundational technologies for this transformation.”

He added, “Moovit is one of the world’s leaders in public transit data and analytics. The combination of Mobileye’s and Moovit’s technology and data will be instrumental in making cities ready for autonomous vehicles.”

Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Moovit Photo: PR
Moovit Photo: PR
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