Intel plans to combine Moovit with Mobileye, a self-driving car specialist that Intel bought for about US$15 billion in 2017. Since that deal, Mobileye’s revenue has ballooned from US$210 million in 2017 to US$879 million last year. That’s a reflection of the big bets being placed on automated driving by both major technology companies, such as Google spinoff Waymo and Apple, and automakers such as General Motors and Toyota. Intel already acquired a stake in Moovit in 2018 when it was among a group of investors who injected US$50 million into the start-up. After Intel invested in Moovit, Mobileye Chief Executive Amnon Shashua joined the start-up’s board of directors as an observer.

Source: The Standard May 05, 2020 03:33 UTC