Wejo, the connected car data pioneer, announced that it has secured £10 million (approx €11.1 million) funding led by DIP Capital LLP and including the UK government’s Future Fund. The Future Fund is aimed at innovative and high-growth British businesses who are able to secure investment to help them through the Coronavirus outbreak. The Fund is open until September 2020 and is delivered in partnership with the British Business Bank.
Expansion with global auto partners
This funding news came a week after the company unveiled its collaboration with Hyundai, following agreements with General Motors and Daimler. The UK company intends to use the funds to drive expansion with new global auto partners, bring new products to the market to satisfy the significant demand for data insights.
Commenting on today’s announcement, Richard Barlow, CEO of Wejo, said: “To secure this level of commitment from a mix of new and incumbent investors is testament to the quality and opportunity presented by Wejo’s unique tech platform and innovation pipeline. Focused on harnessing data for good, we are working with multiple car manufacturers and end users to deliver better journeys for all.”
Largest single source for connected car data
Wejo is creating the largest single source of connected car data, focused on innovation and making it simple and secure for organisations to access and benefit from connected car data. The data and insights provided by the 15 million cars on its platform are licensed to mobility businesses from traffic analysts to parking app developers, smart city planners to governments.
At present, Wejo is in discussions with various auto manufacturers about future opportunities and working with its partners to take the complexity out of data processing, storage, and sharing. The Chester-based company has been working with the US authorities to track car movements amid lockdown, giving data to eight US states.
Riccardo Cirillo, Founding and Managing Partner of DIP Capital LLP, said: “We are excited to lead this round as we recognise 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. 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 digitalisation of mobility.”
Main image credit: Wejo
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