Urban mobility transit app developer Moovit has announced it has closed a $50 million funding round, bringing total investment to $131m.
The company says that funding, led by Intel Capital included all its earlier investors including Sequoia, BMW iVentures,NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage plus newcomer Hanaco.
Moovit says its free app provides comprehensive transit information to more than 120 million users in more than 2,000 cities in 80 countries. The company adds that it has amassed the world’s largest repository of transit data and generates more than one billion movement data points a day.
Professor Amnon Shashua, Senior Vice President of Intel and CEO / CTO of Mobileye, will join Moovit’s Board of Directors as an observer.
Moovit Co-founder and CEO Nir Erez said the company will use the funds to continue its mission to be part of every urban mobility trip. This includes expanding its global sales team, enhancing its consumer products to support user growth, and investing in its Mobility as a Service (MaaS) platform.
“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,” Erez said. “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.”
“With significant investments in automated driving, mobility management platforms and smart infrastructure, Intel is at the forefront of a fundamental transformation of urban mobility,” Shashua added. “We’re working with some of the most innovative transit companies, municipalities and transit authorities to build critical foundational technologies for this transformation.”
“Moovit is one of the world’s leaders in public transit data and analytics,” Shashua continued. “The combination of Mobileye’s and Moovit’s technology and data will be instrumental in making cities ready for autonomous vehicles.”