British connected car platform, wejo, has recently completed a Series B investment round of $103 million which values the business at $275 million. American car giant, GM, has acquired a minority stake in the start-up.
This underpins the major strategic partnership wejo now has with GM, and establishes wejo as one of the world’s leading connected car data technology business.
The Chester-based company had earlier raised Series A funds of $6.5 million in January 2018 and a second close of $8.5 million in July 2018.
Alongside the investment, wejo also signed a long-term data sharing agreement with GM. wejo will also continue to engage in data sharing agreements with other auto manufacturers.
This partnership with GM will fundamentally deliver major benefits to drivers. It will enhance vehicle safety and improve the driving and ownership experience by facilitating the development of new products and services, such as real-time parking availability and accurate local fuel price comparisons. Both wejo and GM want to deliver a better driving experience
This development represents a major milestone for wejo and establishes its place as the world’s leading connected car data exchange business, with a proven business model and platform that can deliver commercial benefits to auto manufacturers and end-user customers (in particular in the following industries: traffic & mapping, urban mobility, insurance, parking, geolocation)
The value of this data exchange will impact not just the driver but the wider community too, as wejo collaborates with partners such as local governments. Sharing data with them will allow authorities to improve traffic signalling, with benefits for air quality by reducing emissions and traffic congestion, for example.
This deal will radically accelerate wejo’s growth and impact, delivering scale, opportunities and funding.
Richard Barlow, CEO of wejo said: “This strategic partnership with GM represents a major step forward for wejo and puts us at the forefront of the connected car revolution. 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.”
wejo was established in 2014 and it currently tracks 7 million vehicles, to date it has curated 78 billion miles of data. It has 150 employees based in Chester and Manchester (UK) and in San Jose (US).