Global chip-making giant Intel is negotiating a deal to acquire Moovit, an Israeli startup that applies Artificial Intelligence (AI) and big data analytics to monitor traffic and give transit recommendations, a media report said. Expected to close in the coming days, the deal could be worth around $1 billion, TechCrunch reported on Sunday. Following the acquisition, Moovit could become part of Intel's Israeli automotive hub, which is anchored by the autonomous driving company Mobileye, said the report, citing sources. Intel acquired Mobileye for $15.3 billion in 2017. Moovit was valued at over $500 million at the time of its last round of funding, but its valuation has grown tremendously in the last couple of years.

Today, Intel announced that it has acquired the transit app developer Moovit for nearly roughly $900 million, confirming rumors that circulated over the weekend. Used by more than 800 million users and services in over 3,000 cities and 102 countries, Moovit combines info from public transit operators and its user community to provide real-time trip mapping and planning services. The deal should help Intel's Mobileye provide new and improved mobility services, like robotaxis. "Moovit is a strong brand trusted by hundreds of millions of people globally. Together, with Mobileye's extensive capabilities in mapping and self-driving technology, we will be able to accelerate our timeline to transform the future of mobility," said Mobileye CEO Amnon Shashua. Intel acquired Israel-based Mobileye in 2017 for $15.3 billion, and today, Mobileye is used in 300 car models by 25 automakers.

Intel's autonomous driving ambitions may soon get a boost from a well-known app developer. Calcalist, The Marker and TechCrunch sources claim Intel is close to acquiring transit app developer Moovit in a deal that would be worth around $1 billion. The deal would reportedly fold Moovit into Intel's Israeli automotive hub (currently led by Mobileye) and help with its overall self-driving strategy. Moovit told TechCrunch it had no comment "at this time." A deal is supposedly near enough that it could be unveiled within days.