Moovit Raised US$ 50 Million for Its Transit App, Plans to Partner with Mobileye

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Moovit raised US$ 50 million for their transit application and plans for a collaboration with Mobileye, according to a report published on February 21, 2018.

In the future generation of transportation services, the launch of this transit app by Moovit will be a huge breakthrough. This app will provide customers with the data required for navigating transit in urban areas.

Moovit is an Israeli startup company and across the globe, 120 million people use their iOS, Android, and Web apps. They have raised US$ 50 million for the fund. Moovit is planning to partner with Mobileye so that their data can be incorporated into the navigation system of Mobileye. The fund will be used for the expansion of company’s technological and business development. As of now, $131 million has been raised in funding. The value of this company was US$ 450 million in 2015, and now it is expected to be US$ 500 million in 2018.

The launch of transit app by Moovit has come in at an interesting time as Citymapper, a mapping app, is trying different ways to monetize their service. Their recent development of transportation offering using buses and taxis will face a lot of competition from local transportation and services like Uber. AI based systems are to be brought in by tech companies and automakers also.

By making new business deals, Moovit is following a different path to incorporate its data and analytics with other services. Mobileye will also be benefitted as it gets one more application for the enhancement of its services. This deal initiated by Moovit will increase growth of smart transportation market, as detailed in the

smart transportation market

report published by Coherent Market Insights.

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