Public transit app Moovit announced Wednesday (Feb. 21) that it had closed a Series D round of funding, raising $50 million.
In a statement on the company’s blog, Moovit said the Series D round of funding was led by Intel Capital. It also featured participation from all of Moovit's earlier investors, including Sequoia Capital, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, BRM, Gemini, Vaizra, Vintage and newcomer Hanaco.
“Moovit expects to surpass 1 billion users by 2021 and to expand significantly the number of cities that use Moovit data analytics to improve urban mobility,” said Nir Erez, the company’s co-founder and chief executive officer, in the announcement. “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.”
According to the startup, its free app provides more than 120 million users with detailed transit information pertaining to more than 2,000 cities and 80 countries. Moovit claims to have the world’s largest repository of transit data, generating more than 1 billion movement data points every day. It has used the data to create the Smart Transit Suite of software, an offering aimed at municipalities and transit operators to help them better manage their networks.
As part of the fundraising round, Moovit said Amnon Shashua, senior vice president of Intel Corp and CEO/CTO of vision technology developer Mobileye, will join the Moovit board of directors as an observer.
“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 said. “We’re working with some of the most innovative transit companies, municipalities and transit authorities to build critical foundational technologies for this transformation.”
Moovit will use the funding to expand its global sales team, enhance its consumer products and invest in its Mobility as a Service platform.