Wejo, a connected car data company working toward the ‘digitalisation of mobility’, has raised £10 million in a round led by DIP Capital, with support from the UK government’s Future Fund and a mix of other new and current investors.
The new investment, though a fraction of the €91 million Series B round led by General Motors in February 2019, will be used to bring new products to market and expand through partnerships with auto companies.
With nearly 15 million cars on its platform, the British business is amassing big data on those vehicles (and their drivers), which is then licensed to mobility businesses, such as traffic analysts, parking app developers, city planners and governments.
“Focused on harnessing data for good, we are working with multiple car manufacturers and end users to deliver better journeys for all,” said CEO Richard Barlow. Founder of DIP Capital Riccardo Cirillo cited the benefit to end users as well, but it wasn’t immediately clear who the end users are or how they benefit. A white paper on the data company’s website claims positive social impacts such as safer roads and drivers, more efficient public transport and minimising fuel emissions.