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Intel buys Moovit app to develop self driving robotaxis
May 05, 2020
Tech giant Intel has bought the Moovit app for $900 million to develop self-driving robotaxis that could be launched in the next two years. The public transit app maker Moovit will remain independent but the data collected but the company from its users will be integrated into Intel’s car-making unit.
Intel owns more than 7% in the company through earlier equity infusion and paid about $840 million to gain full ownership of the company. The deal talks started before the outbreak of the COVID-19 worldwide.
The public transit app maker was affected by the economic impact due to the outbreak of coronavirus and it decided to sell the company to the Intel and the deal was completed through virtual meetings.
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