Mojio secures $30m to speed up its connected car solution
Canadian connected vehicle startup Mojio has managed to secure a total of $30 million in Series B funding round led by Kensington Capital.
Mojio, whose connected-vehicle solution helps transform any car into a connected one, plans to utilise the funding to speed up the automotive solution and expand globally. The Mojio device supported by seven wireless carriers operates in five nations at present.
According to company CEO Kenny Hawk, thus far Mojio has transformed 500,000 vehicles into connected vehicles globally.
"People don’t want to wait for their next vehicle to access valuable safety and security features, let alone another 10 to 15 years for the promise of self-driving cars," says Hawk.
"But they are willing to spend $10 to $15 per month to access actionable, real-world data that empowers smarter decision making around family safety, driving behaviour, vehicle maintenance, and that offers a hassle-free Wi-Fi hotspot that doesn’t drain your smartphone.”
Mojio is the only firm to have receive an investment from the $100 million BC Tech Fund, launched in 2016 and managed by Kensington Capital. The funding amount, however, remains undisclosed.
You can find out more about Mojio here.
What are your thoughts on Mojio's strategy? Let us know in the comments.
- » IIHS tests find ‘irksome’ and ‘dangerous’ flaws with automated driving systems
- » Perch secures $1.7 million in funding to help enhance retail through IoT technologies
- » Why ambitious Industry 4.0 plans need a better open standard approach to succeed
- » Arm acquires Treasure Data to enable device-to-data IoT platform capability
- » Unifying IoT and multimedia to enable futuristic smart home services