Mojio secures $30m to speed up its connected car solution

Mojio secures $30m to speed up its connected car solution
IoT News is a practical resource providing news, analysis and opinion on the burgeoning Internet of Things ecosystem, from standardisation, to business use cases, and development opportunities. We take the best research and put our own spin on it, report from the frontline of the industry, as well as feature contributions from companies at the heart of this revolution.

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.

 

https://www.iottechexpo.com/wp-content/uploads/2018/09/iot-tech-expo-world-series.pngInterested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.

The show is co-located with the AI & Big Data Expo, Cyber Security & Cloud Expo and Blockchain Expo so you can explore the entire ecosystem in one place.

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *