UK-based connected car startup wejo offers an automotive data exchange platform delivering intelligent insights for insurers, car manufacturers and service provides. Currently, the startup tracks over 7 million vehicles in 180 countries totalling to 78 billion miles of data. This startup aims to have 28 million cars on its platform by 2020.
In a recent development, wejo secured €91 million in a Series B funding round led by General Motors. This includes an in-kind contribution worth over €60 million to get 35% stake in the startup. This funding round follows the Series A funding round of €13 million in 2018. With the latest round of funding, wejo’s valuation reaches €244 million.
wejo was founded in 2014 by Richard Barlow. It has offices in Manchester, Chester and San Jose and employs around 150 people. With the new investment from General Motors, UK-based startup aims to scape up at a rapid pace.
The startup believes that the partnership with General Motors will deliver vital benefits for drivers such as enhanced vehicle safety and improving experiences with the development of new products as well as services such as local fuel price comparison and real-time parking availability.
Improved services
The UK-based mobility startup will engage in data sharing agreements with other auto manufacturers and offer driving solutions in urban mobility, parking, geolocation, traffic, mapping and insurance areas. It collaborates with local governments in the countries where it operates. This is possible by sharing data to improve traffic signalling and bringing benefits such as reduced traffic congestion and reduced emissions. Data that is gathered from connected cars and other sensors used in modern vehicles can provide auto manufacturers with a lot of information.
“This strategic partnership with GM represents a major step forward for wejo and puts us at the forefront of the connected car revolution,” said Richard Barlow, CEO of wejo. “It’s a statement of intent from one of the biggest car manufacturers in the world. Connected car data is of enormous value, not least to drivers who will be able to use it to unlock an evolving number of benefits, whether that’s cheaper insurance and fuel or a place to park.”
Stay tuned to Silicon Canals for more updates in the tech startup world.
Also read,
Scaling up in Europe: 5 do’s and don’ts of doing business in the Netherlands