Moovit announced today that it has raised $50 million in venture capital as the company seeks to leverage its crowdsourced transportation data into a service for local governments.
The company intends to use the money to expand its global sales team as well as for additional product development. The round was led by Intel Capital, and Moovit noted that Amnon Shashua, a senior vice president of Intel and the CEO of Mobileye, will join Moovit’s board of directors as an observer.
Mobileye is a computer vision and machine learning company that was acquired last year by Intel to boost its offering for autonomous vehicles. Like Moovit, Mobileye is based in Israel.
“We are especially thrilled about our plans to collaborate with Mobileye,” said Moovit cofounder and CEO Nir Erez, in a statement. “It’s a synergistic relationship at an exciting time to be shaping the future of urban mobility.”
Since launching more than five years ago, Moovit has raised $133 million. The latest round also included money from previous Moovit investors, including Sequoia, BMW iVentures, NGP, Ashton Kutcher’s Sound Ventures, Gemini, Vaizra, Vintage, and BRM.
Moovit initially launched as a mapping tool for public transportation. The company used crowdsourced data from millions of users to map routes for buses and metros around the world. While some cities now make information about their public transportation systems available via open data platforms, many more do not. To overcome that hurdle, its community of users,…