The connected car industry is as successful as it has ever been, and now a Canadian leader in the industry is closing a huge round to advance the technology even further.
Mojio has announced the closing of a $52.9 million ($40 million USD) oversubscribed Series B round. This is the final close of a round that had several investors previously announced throughout 2018, including Bosch and Iris Capital. The round was led by Kensington Capital and joined by other investors including Assurant, T-Mobile, Amazon Alexa Fund, and Telus Ventures.
“These strategic investments underscore the close partnership we have with our investors and the confidence they have in our people, products and vision for an increasingly connected life,” said Kenny Hawk, CEO of Mojio. “With this additional funding, we’re able to accelerate our efforts to support the entire automotive ecosystem in delivering smarter, safer and more convenient car ownership experiences to the global driving community.”
Mojio creates connected car solutions through its cloud platform and has amassed over seven billion miles worth of driving data. The insights Mojio can glean from those miles, as well as their work to come, will be incredibly important as more than 470 million connected cars are expected to be on the road by 2025. The Vancouver-based company can use machine learning to create actionable insights for companies to take advantage of.
These new revenue streams will be incredibly fruitful for partners Mojio has already tapped, including MetroPCS and Bosch. Mojio is also partnered with the big three telecom providers in Canada. Right now, a lot of Mojio’s core clients are large mobile network operators, in addition to companies such as Assurant.