Intel entered talks regarding an acquisition of Israel-based transport app developer Moovit, with negotiations around a $1 billion deal already at an advanced stage, Calcalist reported.
The deal, tipped to be finalised soon, would see the US-based company integrate the navigation app into its automotive centre in Israel to boost its autonomous vehicle strategy.
Moovit is a free app which uses AI and big data analytics to provide public transit recommendations to more than 800 million people in 103 countries. Since its launch in 2012, it reportedly raised funding of $133 million from Intel, BMW i Ventures and Sequoia Capital.
Intel made a significant play into the autonomous vehicle industry in Israel in 2017, when it agreed an acquisition of self-driving vehicle technology provider Mobileye for $15.3 billion.
The company also took over Israel-based AI processor developer Habana Labs for $2 billion in December 2019.Subscribe to our daily newsletter Back