General Motors-back auto data startup Wejo has announced a fresh round of investments totaling some $25 million.
According to a recent report from Reuters, technology company Microsoft Corporation and insurer Sompo Holdings Inc. are the latest to inject the startup with cash.
In 2019, General Motors reportedly invested $25 million into Wejo, giving the automaker a 35-percent stake in the data startup. General Motors has also given Wejo an “in-kind” consideration to supply data from millions of GM vehicles, the value of which is estimated to be worth more than $70 million. Data analytics firm Palantir Technologies has also invested in the data startup, as has German auto supplier Hella, Dip Capital, and the British Government.
Wejo was formed in 2014, and is based out of Manchester in the U.K. The startup is led by Chairman Tim Lee, former Executive Vice President of General Motors Global Manufacturing, as well as Wejo founder and Chief Executive Richard Barlow.
Wejo organizes data from nearly 11 million connected vehicles under numerous makes, including those for General Motors, Hyundai, and Daimler. Data organization services are delivered via ADEPT, which serves as the company’s technology platform. Since its founding, it is estimated that Wejo has processed data from more than 78 billion driven miles.
More and more connected vehicles are hitting the road every year, resulting in a deluge of data that requires organization for proper utilization. Connected car data can be leveraged to increase safety, alleviate congestion, and make it easier to find parking, among other benefits. Connected car data can potentially provide automakers with new revenue streams, as well as new service opportunities for customers.
Wejo estimates that in less than decade, approximately 72 million new connected vehicles will be sold globally. The startup is expected to go public later this year following a reverse merger with shell company Virtuoso Acquisition Corp. The startup is valued at $800 million, including debt.