wejo Announces $12 Million Fundraise to Expand Connected Vehicle Data Platform
wejo, U.K. based early-stage tech company announces $12 million fundraising to drive growth and innovation with new global automotive partners as the market leader of mobility intelligence. The business organizes billions of data points from over 15 million connected cars in the United States, partnering with global automotive manufacturers to stream data at scale and speed.
General Motors, the US car giant, acquired a 35 percent stake in the firm in 2019 and valued the firm at $275 million. Recent funds have come from a mix of new and current investors, with the round being led by DIP Capital LLP and the U.K. government’s Future Fund.
wejo is building the largest single source of connected car data, making it simple and secure for organizations to make decisions around road development, retail, app development, and transportation. Their data set provides heightened location accuracy when compared to traditional forms of mobility data using mobile phones as their source.
“We are excited to lead this round as we recognize wejo’s huge potential and believe in the value it provides not just to car companies but also to end-user customers of its big data insights and analytics,” said Riccardo Cirillo, Founding and Managing Partner of DIP Capital LLP. “We are confident wejo is in the right position to take advantage of this clear opportunity to become a leader in the market, shake up the automotive industry, and enable the full digitalization of mobility.”
Recommended AI News: Criterion HCM Certified for Sage Intacct CRE