”Moovit”, a Public Transport Application that Change Real-time Data into Money, helps to fix large cities’ Pain Pont with large data warehouse
The efforts to create “Smart City” is a very unconventional concept in many cities around the world. But in principle, a Smart City would need to bring out data from all types of sensors, including artificial intelligence and technologies with the cloud connection to help manage the city’s ever-increasing complexity.
Most public transport commuters do not know when the bus will arrive, or have no idea whether they should walk or ride a bike, not to yet think how they should connect to other mode of transportation. “Moovit” has become one of the world’s most downloaded public transport applications. The application has been trusted by 100 million users in the past five years, almost equal to the number of Waze application downloaders which Google had acquired for $ 1.1 billion.
Moovit’s reputation derives from its availability in 44 languages in 78 countries in 1,500 cities from Lexington, Kentucky, to London, Moscow and Hanoi. It was chosen as a travel application during 2016 Summer Olympics Game. Its reputation keeps attracting top investors continuously. The 52-year-old Israeli-based billionaire Nir Erez who set up this company with the initial capital worth $500,000 has raised nearly $84 million from companies such as Sequoal Capital, Sound Ventures of Ashton Kucther and BMWi Ventures. According to PitchBook’s assessment, the company currently has a valuation of $450 million.
Investors are fascinated by Moovit’s potential to turn real-time public transport information into money. It has more than 500 million destinations, which new updates every day.
Erez gave an interview at his residence in Tel Aviv with FORBES that Moovit’s plan was to fill the needs for public transport information. Traveling in the city is something that people around the world pay attention to. Public transport commuters have more problems than those who have vehicles to travel and the existing public transport information is pretty bad.
Moovit has grown its business until it currently has 100 employees. Its headquarters is located near Tel Aviv, Israel, and it has branch offices in cities like San Francisco, Athens and Rio. Authorities of several cities have spent millions of dollars exploring how their citizens use public transport. But Moovit can provide more complete information with the lower budget. When anyone wants to travel to big cities like San Francisco, the “big trouble” is to find a parking lot and the traffic in the city is very congested.
Moovit will provide a new alternative as it is very easy to use. Many people are willing to give Moovit access to their travel details and free-of-charge services as with the Waze app, which tracks users driving on the road and help to determine the optimal driving route.
Moovit will analyze user’s current location data with the location data of other users nearby as to anticipate the public transport travel patterns from starting point to the targeted destination. By this way, users will get the best travel option to commute with public transport.