The investment round, Series D, was led by Intel Capital with participation from Sequoia, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage, and newcomer Hanaco. This takes the total amount raised by Moovit to $133 million.
Israeli-startup Moovit Global has raised yet another round of investment raising $50 million. The investment round, Series D, was led by Intel Capital with participation from Sequoia, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage, and newcomer Hanaco. This takes the total amount raised by Moovit to $133 million.
With the latest round of investment, Professor Amnon Shashua, Senior VP of Intel and CEO of Mobileye, will be joining the board of directors as an observer. The company plans to use the funds for expansion of the global sales team, product development and investing in it’s MaaS (Mobility as a Service) platform. The investment is a strategic one, as the part of the deal, mobileye (the subsidiary to Intel that provides autonomous car solutions) will be partnering with Moovit to incorporate its data in the company’s navigation system.
“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,” said, Nir Erez, Founder, Moovit. “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,” he added.
Founded by Nir Erez, Roy Bick and Yaron Evron in 2012, Moovit is a public transport app. The company claims to provide transportation to over 120 million people globally, across 2,000 cities in 80 countries.
Moovit combines information from the public transit operators and municipalities with information from the users company enabling real-time tracking. ]Moreover, the user community sends reports about their experience on the route taken, levels of cleanliness, to help others avoid the same. The company claims to have amassed the world’s largest repository of data, generating more than one billion movement data point each day. This repository is provided to authorities and public transport operators in the form of a ‘Smart Transit Suite’ to help them better manage their networks.