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Intel is making a move that could lead to involvement in the self-driving car industry.
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The chip maker is buying transportation-planning service Moovit for $900 million.
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This gives Intel another tool to use in its push to become a major player in the race to create the technology needed to build fleets of taxis that will be able to transport passengers without a human driver behind the wheel.
Moovit, an 8-year-old company based in Israel, makes an app that compiles data from public transit systems, ride-hailing services and other resources to help its 800 million users plan the best ways to get around.
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Intel plans to combine Moovit with Mobileye, a self-driving car specialist that Intel bought for about $15 billion in 2017.
Mobileye’s revenue has ballooned from $210 million in 2017 to $879 million last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORPORATION | 57.99 | +0.52 | +0.90% |
“Intel’s purpose is to create world-changing technology that enriches the lives of every person on earth,” said the company’s CEO Bob Swan.
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Intel already acquired a stake in Moovit in 2018 when it was among a group of investors who injected $50 million into the startup. Since its inception, Moovit had raised more than $130 million from venture capitalists and other investors.
The Associated Press contributed to this article.
